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More on Nintendo Purchase of Bandai Stock

posted on 2003-10-24 11:17 EDT
Both companies officially deny takeover / merger speculation

Source: Kyoto Shimbum (Japanese)
Source: Gamespot

As previously repoprted, Nintendo has purchased 1.28 million shares of Bandai's (Japan) stock, giving Nintendo aproximately 2.6% ownership of Bandai.

Speculation that this purchase was actually the precursor to a merger or takeover bid has since grown so much that Bandai president, Takeo Takasu, held a press conference to squelch the rumours.

Takasu explained that, Bandai was looking for a third party that could acquire a number of its shares from financial institutions and other companies that bandai had cross-shareholding issues with. Nintendo expressed interest in investing in Bandai and Bandai consented. Nintendo subsequently purchased the 1.28 million shares from the financial institutions and companies, including 260 000 shares from Mattel.

Bandai and Nintendo stocks have both risen today, Bandai up 5.79% to it's highest share price of the year, and Nintendo up .34 %.

This article has a follow-up: Nintendo Purchase of Bandai Stock Back in the News (2003-11-18 10:41)
follow-up of Nintendo to purchase 2.6% of Bandai

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