The heirs of Hiroshi Yamauchi, founder of Nintendo, have sold some of their holdings in the company in a share buyback,
Bloomberg reported.
The company bought back 9.5 million shares, or about 7.5% of outstanding stock.
Yamauchi’s heirs owned about 10% of the company’s total shares at the time of his death in September, the article said. Yanauchi, the former CEO, ran the company for 53 years, the report noted.
Nintendo told Bloomberg that the company doesn’t know which family members sold stock or how many shares they sold.
The company’s video-game console business has floundered. Satoru Iwata, who became president in 2002, is the first non-family president. The Yamauchi family founded the business, which originally sold cards, in the late 19th century, the article said. (Source: Bloomberg, Feb. 4, 2014.)
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