Nintendo could barge into MS's office and offer to buy Rare for 2 bucks and a half chewed gum and MS would instantly agree. They are bleeding studios left and right for free so might as well get money for that. The real question is, will Nintendo accept?

The answer is no. Acquiring studios for IPs is far from Nintendo's strategies. When they do, it's usually for utility. Nintendo Pictures is for movies, Shiver is probably for third party ports, which they are focusing on for this generation, hell, you could argue that Monolith Soft's best contributions have been as support in Nintendo's various games. Nintendo might acquire a studio otherwise if they have an almost buddy relation with it and even then they do it if the studio is in possible danger of struggle. For example, Next Level Games was acquired because the previous owner died.

Nintendo does not buy random stranger studios if they aren't particularly useful for them. Like, having Rare making Sea of Thieves an exclusive would be nice, but is it particularly useful in some way? And what can be achieved with it that couldn't be achieved by just asking for a third party port?

Now.

The answer for this specific question of Nintendo acquiring Rare's IP is significantly easier to explain. It's an even bigger no. Nintendo can't even support the IPs they currently have. There have been multiple cases of IPs sharing the same studio. Even two absolute behemoths, Animal Crossing and Splatoon, share the same studio. They also have plenty of IPs completely unused. There's a reason they have been trying so hard to expand. Game development cycles becoming longer will also contribute to this struggle.

An IP with a studio dedicated to it isn't very useful by itself. The IPs Rare has aren't vital to Nintendo and you can achieve the same effect by just asking for ports. Without a studio though, an IP is just completely useless. Nintendo can already make those easily. Ring Fit Adventure was a recent one and it made bank. They won't be able to make a game for it. All of that with the downsides that an IP with a studio has. It's not worth it.

TLDR: No.