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CaptainExplosion said:

All I can say for sure is at least Nintendo would still have Rare and wouldn't have had to scrap so many Rare games that would have potentially been awesome. But it would be sad to not see Halo (assuming it ever made it past it's early concept in this timeline).

Rare would've been bought by Activision. Nintendo didn't provide Rare any more money and chose not to buy the rest of Rare's shares. Which came as a shock to many that Nintendo refused to outright buy Rare.

Activision made a compelling bid that Rare was very interested in, but Microsoft came in offering more money that Rare then accepted. So if it wasn't for MS, it would've been Activision.