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Nintendo: founding Yamauchi family looking to sell company shares - report

Nintendo's founding Yamauchi family is reportedly looking to sell its shares in the company, following its poor financial report in January.

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Following the financial report, current Nintendo president Satoru Iwata has vowed to take a 50% pay-cut, along with fellow members of the company board.

Now Bloomberg reports that Nintendo is gearing up to buy-back shares worth ¥114.2 billion / $1.1 billion tomorrow.

Nintendo has stated that the 9.5 million shares are worth ¥12,025 per share, which accounts for 7.4% of the firm's outstanding stock. The company added that the heirs of late Nintendo president Hiroshi Yamauchi - who passed away back in September - have expressed a, "desire to sell," their stock, but it is currently unclear how many shares they will release.

Company spokesperson Yasuhiro Minagawa added in a statement, “We are not in a position to know how much shares the Yamauchi family will sell."

Nintendo Life adds that Nintendo currently has $8.6 billion in the bank and no debt.

Let us know what you make of the above.

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