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.

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.