No.
The world, and Microsoft, has moved on.
Nintendo is in great shape financially and unless they get too cute with Switch 2 (ala Wii U) they'll be fine for another ten years.
Note that the emails predate the Zenimax and Activision deals. At that time a merger made sense.
Today, MS doesn't need to buy Nintendo for credibility and the console gaming world is better with three big players than with two. What would be best, and might yet happen, is MS and Nintendo trading the odd game (I'll give you COD and ES6, you give me Metroid and XX, or some such.) Azure might host a Nintendo Gamepass cloud gaming service. Partners helping each other.
At this point their portfolios are complementary. And keeping things that way is best. If nothing else, both MS and Nintendo doing different things doubles the pressure on Sony.
(Back in the 90's HP bought Apollo to bulk up its Unix Workstation business and when asked about the merger, SUN ceo McNeally, shrugged: "Before I had two competitors to worry about, now just one." A year later, Sony was number one and stayed there until that market faded before NT.)
Big mergers are tricky and MS-ABK is a black swan, unlikely to repeat.Todsy, the player to keep an eye on is Embracer. They are deep in mobile, over extended, and Own CRYSTAL DYNAMICS and their IP. Other than BioWare there is no better match for MS.
In fact it is a good bet that after MS is done absorbing Activision, they'll Keep two publishing arms: one for exclusives and another for multiplat. That'll put an end to the will it/won't it games.
Besides, if Nintendo were to merge (big IF) with a big american company, Apple would be a better fit today (but they're too cheap) and then Nintendo or Amazon.