Nintendo confirms Yamauchi family sold shares back to firm

Nintendo has completed its promise share buy-back, and has confirmed that some or all of the four children of late company president Hiroshi Yamauchi have sold an undisclosed number of shares back to the firm.

Yesterday, we reported that Yamauchi's heirs were eager to some of their stake in Nintendo - together accounting for 10% of the company's total shares.

Now, Bloomberg has confirmed that the shareholders did indeed buy back some of the Yamauchi's stock, although it's unclear which of the four family heirs released shares back to the company, or how many were sold.

As part of the move, Nintendo purchased 9.5 million shares at ¥12,025 yen per share, which equates to ¥114 billion yen, or $1.1 billion US.

The move is hoped to improve Nintendo's standing on the Tokyo Stock Exchange.

We'll have more as it develops.

Via Nintendo Life.