The Research In Motion takeover guessing game has returned. With the BlackBerry-maker’s shares having dropped from more than $148 to around $60 in four tumultuous months, cash-rich companies could be readying a takeover bid, Reuters reports. The company is also facing increased pressure from investors due to a slate of expenses related to launching new smartphones that are impacting near-term margins. Meanwhile, RIM’s first new smartphone design in more than a year hasn’t gone off without a hitch. *AT&T* has delayed the Bold’s release multiple times, citing software glitches and network traffic concerns, and UK operator Orange has just suspended all shipments of the device due to software issues as well. The device’s future is uncertain as it stands now. RIM (NSDQ: RIMM) attempted to pre-empt the iPhone 3G launch by announcing details about the device, but has failed to deliver with actual success in the market after numerous delays.

Canaccord Adams analyst Peter Misek told Reuters: “RIM is a massive strategic fit” for Microsoft and that he’s “fairly certain they have a standing offer to buy them at $50 (a share).” Four months back, such a number would seem ludicrous, but companies throughout the space has seen their market valuation cut in half in a matter of months if not worse, and that could lead to rampant consolidation and mergers in various sectors. Following Microsoft’s failed attempt to acquire Yahoo , it’s well known the company is eyeing other opportunities. Microsoft (NSDQ: MSFT) acquired Sidekick-maker Danger last February to boost its mobile business, but hasn’t done anything yet to indicate its plans for the consumer-focused handset firm nor has it refreshed the product line. Still, RIM’s shares would have to drop to at least $40 before a $50 per-share offer gets any legs. Microsoft is one of the most well-equipped companies in the technology arena to make an offer of this magnitude stick without much, if any, dependence on external financing. A stock and cash deal would be the most likely outcome. Finally, the biggest hurdle to any takeover could come from RIM co-CEOs Mike Lazaridis and Jim Balsillie – a deal without their backing would be tough to push through in a hostile fashion.

• AT&T Delays BlackBerry Bold Launch To Avoid Network Complaints Like The iPhone
• Earnings: Research In Motion Q2 Rises; Projects Better Second-Half But Not Good Enough
• RIM Still Leads U.S. Smartphone Market; Apple Leaps To Second: Report
• Microsoft Completes Acquisition Of Danger; Co-Founders Join Newly Created PMX Division