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sethnintendo said:

I believe Sega and Nintendo can refuse a buyout right? Apple surely can't just do a hostile takeover if the companies don't want to be bought out and they own a majority of the stock.  I believe Japanese companies are protected more under their laws from foreign companies buying them out or hostile takeover.

Japan blocks pretty much any takeover attempts of their larger companies, whether the company's board is happy with it or its hostile

the only thing you'll generally sometimes see if Japan (the government) allowing small companies to be acquired or mergers of Japanese companies

 

like has probably already been mentioned on this thread, if it were a possibility Microsoft probably would have acquired Nintendo long ago (not that I think the Nintendo board would have went along with it regardless). The Japanese government is quite traditional and is probably smart in some respects to limit internal companies to be taken over. Bear in mind that a lot of communities rely on certain businesses for jobs (not that Nintendo really applies there)