Can Nintendo Investors make NIntendo acquire a studio?

[VideoGameAccountant]

dx11332sega said:

I have a question ? I think investors pushed Nintendo to make games for mobile when Nintendo said they would never do it but finally did , Can investors push Nintendo to make studio acquisitions too?

Kind of, but not really.

Something like the acquiring a company is usually done by the Board and management. Shareholders select the Board of Directors but they can't necessarily compel to do something specific. They can oust them if they feel like they are doing a bad jobs. So if Nintendo wasn't acquiring companies but shareholders wanted them to, they could get rid of them. However, they can't say who they must acquire.