Nintendo buys back own stock in strategic move
Company afraid of takeovers
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On Friday Nintendo announced that it plans to buy back 2.2 million shares of its own stock in an attempt to prevent takeovers by rival companies.
The shares Nintendo plans to purchase next week at 11,650 yen (approximately US$106) a piece make up 1.55 percent of the 103.08 million shares that currently exist. The purchase will total approximately 25.63 billion yen (approximately US$233.5 million), and will add to Nintendo's current stock holding of 11.59 million shares (8.9 percent).
Fears of a takeover were in part fueled by the recent attempt of Square Enix to buy Taito for $600 million.