Micron Technology Expects Delay In Closing Of Inotera Acquisition

Micron Technology, Inc. MU revealed an update regarding its effort to buy the remaining interest in Inotera. The company now expects a delay in closing of the acquisition. The company said it would provide further update in the latter part of the current calendar year.

Micron Technology indicated the acquisition was initially expected to close in mid-July 2016. However, the parties have now reached a conclusion that closing the transaction on this timeframe is not possible. Micron expects to provide an update toward the latter part of calendar 2016.

The chip-maker announced earlier its subsidiary agreed to acquire 100 percent of the issued and outstanding shares of Inotera following a Share Swap Agreement dated February 3, 2016. The companies' subsidiaries hold about 33 percent of the issued and outstanding Inotera shares currently.

In the pre-market trading on Wednesday, the stock traded 1.54 percent higher.