Nintendo’s Yamauchi Family Plans to Sell Shares

Following Nintendo's less-than-stellar fiscal report last month and the company's investor briefing (which laid out plans that not everyone thought were all that clear cut), the company has revealed a 114.2 billion-yen ($1.1 billion) share buyback plan set to launch tomorrow.

The family of the late Nintendo CEO Hiroshi Yamauchi, who passed away in September of last year, has said that they have a "desire to sell" their shares, according to a Bloomberg report (by way of GII).

The Yamauchi family owns an estimated 10 percent of Nintendo's stock but the Bloomberg report does not indicate that the family wants to sell all or just a small portion of their holdings in the company. Nintendo also doesn't seem to know at this point:

"We are not in a position to know how much shares the Yamauchi family will sell," said Nintendo spokesman Yasuhiro Minagawa.

Nintendo said that it plans to purchase up to 9.5 million shares (or around 7.4 percent of its outstanding stock) at a price of 12,025 yen ($118) each, for those investors who want to unload their stock.

We will have more on this story as it develops.

Source: GII

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