If I had to argue against Nintendo acquiring Atlus, I would say "If Nintendo wants to grow their IP portfolio in an adult-friendly direction, they could spend its money better elsewhere." And there are, indeed, some other projects Nintendo can do I desperately want to see. A new Metroid, the Zelda Wii U, a Nintendo FPS or MMO, etc. All of these are at least as good an idea as acquiring Atlus.
...But the problem is still that if Nintendo is going to have to float it's own hardware with tepid third party support, they need more IP and they need to get that IP out faster. In so many words, they need more studios and programmers in seats. Any acquisition is a good acquisition.
Alus has both great IP and excellent programmers. "Acquire me" may as well be taped to Atlus's back.
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