Inotera Memories has provided an update on the progress of its share-swap deal with Micron Technology, under which the US firm will buy all the shares it does not own in the Taiwan-based affiliate.

Micron previously 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.

Inotera indicated its deal with Micron will expire after November 30, 2016. If the deal closes by the expiration date, Inotera will submit an application for delisting to the Taiwan Stock Exchange (TSE) by October 19 according to the TSE rules.

The deal could also be terminated by either of the parties before the expiration date, Inotera noted. Nevertheless, Inotera continued, if parent company Nanya Technology's participation in Micron's private placement remains unsatisfied, Micron will have "the right but not obligation" to extend the closing date by another 90 days.

Nanya has agreed to invest up to NT$31.5 billion (US$1 billion) in Micron to buy the US firm's equity, which is part of the conditions enabling Micron's Inotera buyout to materialize.