Nintendo purchased 9.5 million shares yesterday for 12,025 yen each, according to the Tokyo Stock Exchange, which makes up roughly 7.4 percent of its outstanding stock. Included in this total is a percentage of the 10 percent stake owned by heirs to former Nintendo President Hiroshi Yamauchi.
Yamauchi, who ran Nintendo for 53 years, gave his company stake to his four children following his death. Nintendo does not know which family member sold stock in this buyback or how many shares were sold, the company told Business Week.
The buyback comes in the wake of recent worrisome financial results from the company. Nintendo's Satoru Iwata announced plans to slash his pay in half following a 30 percent slump in profit in the wake of the company's third quarter results. Speaking to reporters, the Nintendo president said he will receive a reduced salary for five months while other Nintendo executives will take a pay cut between 20 and 30 percent.
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