Inotera says deal with Micron to complete by December

notera Memories expects its share-swap deal with Micron Technology of the US to complete by December.

In a filing Inotera issued with the Taiwan Stock Exchange (TSE), the company said it has "made sufficient progress in addressing the issues" that caused a delay in closing. Inotera continued "we anticipate that the share swap record date will be set for the first half of December 2016."

An Inotera board meeting has been scheduled for October 11, and a share swap record date will be set at the meeting, Inotera added.

In June, Micron announced a delay in its planned buyout of Inotera, adding it would update the matter toward the latter part of calendar 2016. The deal was supposed to close in mid-July.

Micron had agreed to buy all shares it does not own in Inotera, in which it holds a 33% stake. Inotera will merge with Micron's Taiwan unit following the buyout.

Inotera's share price on the TSE rose 4% to NT$29.20 (US$0.93) during the morning session of October 5.

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