"He is taking a timeout."
Translation:הוא לוקח פסק זמן.
This is something that people will colloquially say. However, using that verb like that in an Englishism. It's not proper Hebrew, even though Arik Einstein used that in a song.
המאמן מבקש פסק זמן השופט מכריז על פסק זמן פסק הזמן מתחיל עכשיו השחקנים ירדו מהמגרש לפסק זמן הילד נשלח לפסק זמן בחדרו כדי לחשוב על מה שעשה
If you start from an English sentence, you're likely to translate it with Englishisms. The right think is to express it with a Hebrew phrase.
These are all great, but they have a different meaning than "to take". "The coach asked for a timeout" is not the same as "the coach took a timeout".
I understand when people frown upon using "לקחת" when there's a good substitution, like לקחת סיכון = להסתכן or לקחת חלק = להשתתף, but when there isn't I see nothing wrong with using it. It's not like לקחת was always literal until the influence of English grew in the 20th century - for example, the use of "לקחת עצה" in Tanhuma or by Ralbag.