Just for reference:
A hostile takeover bid is an attempt to buy a controlling stake in a publicly-traded company without the consent of its management.
www.investopedia.com
If Microsoft was determined to takeover Capcom (barring some sort of Japanese government intervention) it could do it. The best Capcom's board and the Tsujimoto family could do is "recommend" shareholders not to accept Microsoft's offer. The top shareholders only control about 37% so Microsoft (directly or through a proxy) could absolutely buy up a large chunk.
That's especially true since Capcom discontinued its takeover defense measures back in 2017.
当社は、本日の取締役会において、平成29年6月9日開催予定の第38期定時株主総会(以下「本定時株主総会」といいます。)終結の時を有効期限とする「当社株式等の大規模買付行為に関する対応策(買収防衛策)」を継続せずに廃止することを決議いたしましたので、下記のとおりお知らせいたします。
www.capcom.co.jp
Obviously the question would be what happens if Microsoft buys Capcom and then there's an exodus and all its talent goes elsewhere.