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Historically, Nintendo has not been about big acquisitions.  I personally think they need to invest that big pile of cash they are sitting on like a dragon, but they probably aren't going to use it to make a big acquisition like Microsoft just did.  Generally Nintendo seems to like to build their company slowly and carefully.  They gradually train new teams and build relationships with other companies and either invest and/or buy a company that they already have a good relationship with.  For example, right now Koei Tecmo is a decent candidate (or maybe just some of the development teams that fall under Koei Tecmo), because it seems like they have been working closely with Nintendo lately.  Nintendo has also been using their money to simply get other studios to make games using their IP.  But I suppose that is another way to build relationships with other companies.

The way history played out, Nintendo could always afford to build their company slowly and carefully because they've been in video games since almost the beginning.  Sony and Microsoft entered into an already robust market, so they had to aquire development studios just to compete.  Even all of these years later, Sony and Microsoft have to make bigger acquisitions, because they are still significantly behind in first party output compared to Nintendo.