Nintendo founding family to sell shares worth over $1 billion

[brendanvb]

Mario maker to complete buyback of up to 9.5 million shares from family of late former president Hiroshi Yamauchi.

The family of longtime Nintendo executive Hiroshi Yamauchi, grandson of founder Fusajiro Yamauchi, has informed the company that it plans to sell as many as 9.5 million shares tomorrow as part of a massive buyback worth an estimated $1.1 billion.

Yamauchi died in September 2013. He was 85.

The 9.5 million shares represents around 7.43 percent of outstanding stock, and will be purchased tomorrow in Japan at the stock's closing price of ¥ 12,025 today. The transaction will be made by Nintendo's agent through the Tokyo Stock Exchange.

Yamauchi ran Nintendo for 53 years and gave his stake in the company to his four children following his death, Bloomberg reports. The family said in a statement that they have informed Nintendo of their "desire to sell," but did not say why.

The announcement of the buyback comes after Nintendo announced dismal Wii U sales and downtrodden financial projections last month. The company has since outlined plans regarding how it intends to revitalize its business performance going forward.

The bad news for Nintendo doesn't seem to stop

[XbatousaiX]

Oh man that's not good when it rains it pours.The family must have feared the stock falling.

[addam]

The Yamauchi family started and has even involved with Nintendo for it believe 125 years and now they just leave it? A truly sad day, but I think nintendo will survive this rough time, the will just need to change how they do things.