Everything falls…
(www.forbes.com)
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It looks like it's even worse- Kadokawa itself has made a statement of intent to have Sony buy them, supposedly to make sure they aren't bought out by a certain other company.
Can these companies not just say "no thanks, we'll just keep operating as our own company."?
Not under modern capitalism. It's their fiduciary responsibility to acquire maximum profits for their share holders, even if that means getting bought out by someone they know will kill the company and all future profits.
That seems like it goes against their duty to yield maximum profits.
Shareholder responsibilities require constant "line go up" at all times. Making a decision that doesn't make line go up immediately will usually have them lose their shit, even if its a better long term choice that would make them more money.
Its why most corporations are constantly fucking around with shit that already works and destroying their futures.