Nintendo’s founding Yamauchi family will be selling their company shares as Nintendo sets terms for a 114.2 billion-yen ($1.1 billion) share buyback tomorrow.
Reported by Bloomberg, it’s not clear as to just how many Nintendo shares the Yamauchi family will sell, following January’s poor financials.
The company will purchase as many as 9.5 million shares, or 7.4 percent of its outstanding stock, at 12,025 yen apiece from interested investors, Kyoto, Japan-based Nintendo said in a statement today. The heirs to former Chief Executive Officer Hiroshi Yamauchi, who owned about 10 percent of the total shares before his death in September, “desire to sell,” it said.
Nintendo spokesman, Yasuhiro Minagawa said,
“We are not in a position to know how much shares the Yamauchi family will sell.”
Nintendo, which had about $8.6 billion of cash and equivalents and zero debt as of Sept. 30, is seeking desperately to reassure investors it has a plan to fix its ailing console business. Since reaching an all-time high of 72,100 yen in November 2007, the company has lost more than 80% of its value.
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