The only way I think it would work is if the company is allowed to run autonomously. That’s obviously not in Apple’s DNA — though Steve Jobs largely did allow Pixar to operate that way (as a stand-alone separate company, of course), and now Disney seems to as well.
The big issue that everyone brings up with regard to this is Nintendo’s unwillingness to sell, and certainly not to an American company. I just can’t see how this would ever work if Apple tried to buy the company and forced them under the control of Cupertino. The blood would probably be bad on both sides.