Sony doesn't really have any reason to buy Atlus though.

I hope everyone BUT Sony buys them.

Nintendo and Atlus have been close for years, particularly on DS and 3DS. If Nintendo bought Atlus and it became a first-party studio like Monolith Soft, it would be huge. All future Atlus releases as Nintendo exclusives? Nintendo would be impossible for Sony to dethrone in Japan if that were to happen.

The only reason Nintendo might not do it (which would be really short-sighted), is that purchasing Atlus for what is probably at least $100 million, would make it all the more difficult for them to reach their $1 billion profit at the end of this fiscal year next spring.  Short-sighted because, the long-term advantage to buying such a big studio and having all of those IP's exclusively on your platform is surely worth the investment, even if it were to mean $900 million profit next year instead of $1 billion (Assuming Nintendo is able to meet the $1 billion goal, and assuming Atlus is worth $100 million.  All hypothetical). 

Which is why I agree with Miyamoto more than Iwata about the profit goal.  Iwata is keen to meet the target and prove to shareholders that Nintendo is able to be successful in the new smartphone/ tablet world, and Miyamoto is saying "Saying we're going to meet some arbitrary number is pointless.  Just play our games."  I understand both points of view.  Bottom line:  Buying Atlus, if it's possible, is worth it.  From the perspective of Nintendo trying to dominate Japan even more than they already have.

I think you will find that Sony is more interested in the west than Japan. Even their Japanese studios are making western games - Knack, Puppeteer, Rain.

Really, outside of Microsoft (high profile Japanese IPs that have built in fanbases) and Nintendo (developer personnel that have some experience in HD games), no current developer really has any reason to purchase Atlus outside of maybe trying to get the Shin Megami Tensei franchise.

Really, Atlus best bet is a company outside of the industry that wants to let them continue on without much interference similar to how a few other Japanses companies have had  done to them like Sega and Sammy.

Why?

Nintendo or Namco needs to pick them up.. and I would rather have Capcom pick them up.. then say Ubisoft.. or.. Oh God.. forbid.. Square Enix.. or Electronic Arts..

It will most certainly be a Japanese publisher who picks up Atlus. If I were a betting man, I'd put money on either Nintendo or Namco Bandai. Nintendo has been working very closely with Atlus lately with the Eshop money credit pronmotion, FE X SMT and so forth - I wouldn't be shocked if Nintendo would be the highest bidder. If that were the case, Nintendo however will most likely treat Atlus as a seperate entity, much like they have done with Monolith Soft and Intelligent Systems. It would not be considered an in-house studio.

You are giving Atlus too much credit and worth - 100 million is too much. The winning bidder should be between 40-70 million.

Please be Capcom. Nothing like firing up Persona 5 and being asked to pay $5 for the true ending.