So if I buy THQ stock and they get purchased, it's going to go up a ton right? But if I buy THQ stock and they go bankrupt, I lose everything.
They go bankrupt, you lose, they get bought, their stock might get a 15-20% premium as they really don't have much to their name in terms of IP. UFC, Cars, etc are all owned by someone else. Red Faction, Warhammer, and SR are their main IPs I think. It's an incredibly risky proposition, even if you are a gambler, I would stay the hell away from it.
I personally think the only IP they have worth half a damn is Saint's Row and with GTAV coming out possibly as early as this year, I don't think it's worth the bet. Hell, even ACIII will be out, satisfying the needs for Open World games.
Anyways, the market value is 36 mil, if they are to get swallowed up by another company, then the possible buyers that immediately jump to mind are:
Sony - Not worth it for them at this point in time, but I can see them going for it if the price lowers
Microsoft - I think they will sit this one out, but I can see them going for it if they deem having Saints Row and Red Faction exclusively is worth 40 mil
Nintendo - I don't see them going for it under any circumstance
EA - Possibly the most interested party, but they just bought popcap, so they might not go for it
Activision - they need another decent franchise besides COD so possibly
Take Two - Maybe but why would they?
Ubi - Same as T2
Warner Brothers - Forgot about this one, strong contenders as they try to become major players in the game industry.
If I had to guess who ends up buying THQ, if they get sold, I would say WB, Activision, EA, or Microsoft.