Rare did align with Nintendo’s core business - and was an exclusive Nintendo64 developer - but even Tim Stamper, co-founder of Rare, is apparently none-the-wiser...

> “One of the most interesting parts of the interview is Stamper's view on Rare's sale to Microsoft, and the question that seems to eternally be on everyone's lips: why didn't Nintendo snap up the studio beforehand? Nintendo owned almost half of the UK company, but for reasons unknown never tried to buy Rare outright, despite the fact that the Stampers were clearly on the lookout for buyers.

Stamper is at a loss as to why Nintendo didn't step in and open up its chequebook:

I've no idea why they didn't do that. I thought we were a good fit.” [1]

[1] https://www.nintendolife.com/news/2015/08/rare_co-founder_ha...