MRM The American depositary receipts of Medirom Healthcare Technologies Inc. are trading higher Wednesday after the company said it entered into a share transfer agreement to acquire 100% of the shares of ZACC Kabushiki Kaisha, a Japanese hair salon operator.
At 4:26 p.m. EDT, the company's ADRs were trading 33.74% higher at $9.80. Volume at the time topped 182,000.
The ADRs ended the day's regular-trading session with a 2.17% gain, closing at $7.38.
Medirom said it would acquire the shares in a two-stage acquisition for total consideration of 370 million yen ($3.3 million).
The first stage of the acquisition is scheduled to close on Oct. 1, with shareholders transferring 60% of ZACC to Medirom. The remainder of the shares are scheduled to be transferred on Jan. 1, Medirom said.
Medirom said it operates relaxation salons in Japan.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
Always consult an Investment Professional, my posts are my own
opinions, and not for investing decisions
