Micron Technology, Inc. (NASDAQ:MU) today announced an update regarding its effort to acquire the remaining interest in Inotera.

While the acquisition was initially expected to close in mid-July 2016, the parties have concluded that closing the transaction on this timeframe is not possible.  Micron expects to provide an update toward the latter part of calendar 2016.

As previously announced, a subsidiary of Micron agreed to acquire 100% of the issued and outstanding shares of Inotera pursuant to a Share Swap Agreement dated February 3, 2016.  Micron subsidiaries currently hold approximately 33% of the issued and outstanding Inotera shares.