I created a thread sort of like this when Wii was first announced years ago. However it isn't going to happen for some fundamental reasons
#1- When Bill Gates tried to aquire Nintendo he offered pretty much a blank cheque. However Nintendo wanted to maintain complete control over its console and game development. Something Microsoft wasn't about to do. In the same way if Apple wanted to buy Nintendo a key demand would be that Nintendo retain full control of its console division and software division, something Apple wouldn't likely do either.
#2. Apple is all about making money off of cheap internet games. Nintendo is a supporter of bigger budget higher quality software. Nintendo has multiple times talked about how it would never launch cheap 99cent games and such. So Apple would have a very hard time convincing Nintendo's staff to pump out cheap Flash like games. In the end Nintendo would never allow their software to be degraded in such a way. So Apple would have to change its software policies to attract Nintendo something that they would not do.
#3. The Japanese Government. Man when one of your countries biggest companies and one of your countries biggest tax payers thinks of selling out to a company in another country. The Japanese Government would likely take action I have heard the Government is very protective over the companies in Japan. So Apple would have to convince the Japanese Government that a take over or merger would be beneficial and worth while for the Government.
#4. The share holders, sure some share holders are greedy and would sell out at the drop of a hat to a good deal from Apple. However as UbiSoft proved when EA started buying up their stock. Their are loyal share holders who have the companies best interests in mind. All it would take is Nintendo pleading to investors not to sell shares to Apple and I'm pretty sure the majority would reconsider and not sell shares to Apple. Nintendo has a very loyal user base I'm sure they have just as much of a loyal investor base as Ubi does. In other words meaning Apple could aquire some stock but would fall very short of taking over if they attempted to do so..
#5. Apple also knows that if they tried to take over or buy Nintendo that alot of the talent would jump ship. Imagine if half of Nintendo walked off the job within months of the take over? Apple would be screwed. As we saw more gradually with Rare Nintendo developers and staff aren't likely to stick around under Apple managment. Apple knows that, their purchase would only end up with facilities and intellectual properties because most of the staff would leave. Now the properties might benefit Apple but look at how Microsoft has done with all those AAA+ money making properties Rare had, nothing!
So in the end their are even more reasons a buy up by Apple would be a foolish move. I doubt Jobs would be that short sighted and I don't think a take over or merger would match either companies ways of doing buisness!