[Update] Nintendo has confirmed that the Yamauchi family has sold some of its shares, as the company moves forward with its 114 billion-yen buyback initiative. The Big N purchased a total of 9.5 million shares at 12,025 yen each.
CVG points out that Nintendo is doing this primarily to allow the company to make future mergers and/or acquisitions. It's going to be incredibly interesting to see how things shake out with the Big N in the months to me.
[Original] The Yamauchis, the founding familiy of Nintendo, is selling its shares in the company. This is being done in anticipation of the 114.2 billion yen share buyback terms being set tomorrow.
There's no word on exactly how many shares the Yamauchi family plans to sell, as all we know right now is that they "desire to sell." The family owns approximately 10 percent of the company's total shares. For those that don't know, former Nintendo CEO Hiroshi Yamauchi passed away during the latter half of last year.
For the buyback, the Big N will be purchasing up to 9.5 million shares at 12,025 yen each. This makes up 7.4 percent of its available stock.
