Yamauchi family selling shares in Nintendo back to the company
The family of former Nintendo president Hiroshi Yamauchi, who sadly passed away late last year
, will sell all of its inherited shares back to the Japanese video game giant later this week.
In a statement, Nintendo said today that the Yamauchi family "desire to sell their holdings of the Company's common shares," and that Nintendo plans to buy all 9.5 million shares tomorrow morning.
These shares are worth a total of 114.2 billion yen ($1.1 billion), and make up 7.43 percent of the total number of shares in the company as a whole.
Notably, this move comes just weeks after Nintendo's shares plunged
as a result of poor fiscal results.