Nintendo has announced that it will acquire up to 9.5 million of its own shares by tomorrow morning. During the Q3 financial results reveal, the corporation planned to buy back up to 10 million of its shares by the end of March, equalling 125,000 million yen. But after a 4.3 per cent fall in its shares last week, Nintendo has made the smart move to repurchase stock at a lower point.
The 9.5 million shares – equating to 7.43 per cent – will be acquired on February 4 by the company at a closing price of 12,025 yen. Nintendo expect to buy back shares worth up to 114,237 million yen, but an announcement will follow detailing the exact amounts after the acquisition. Nintendo said the following in a statement:
“The Company has been informed by the shareholders who inherited shares from Mr. Hiroshi Yamauchi, the late Executive Advisor, that they desire to sell their holdings of the Company’s common shares.”