Major shareholders of Nintendo (TYO:7974), including Bank of Kyoto and DeNA (TYO:2432), will sell shares worth about 285.7 billion yen in a secondary offering, Bloomberg News reported Friday.
A total of 32.7 million shares will be sold, with up to 4.9 million more available through overallotment. Sellers also include accounts linked to MUFG Bank and Resona Bank, according to the report.
Nintendo plans a buyback of as much as 100 billion yen alongside the sale. The move comes as Japanese financial institutions pare cross-shareholdings under governance pressure, the report said.
Nintendo shares gained 3% in Tokyo trading on Friday. The deal size was estimated using the prior day's closing price of 8,737 yen, according to the report.
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