There aren't many independent developers. Seems like most are owned by a first or third party publisher.
The ones available I would say:
Epic - Gears, Unreal
Remedy - Alan Wake
Ruffian - Crackdown 2?
Free Radical - Timesplitters (this company should be selling for a bargain)
Volition - Saints Row, Red Faction (not independent but I think they are great developer)
The chances of MS buying a big publisher like EA or Take Two (Rockstar) are pretty slim. MS is showing that they are cutting their studios in order to cut costs and both of these publishers are losing money making multiplatform games. The best MS acquisitions were developers like Bungie, Lionhead, and even Rare. MS had a hands off approach and just let them do their thing.








