Micron Technology has disclosed its acquisition of Taiwan-based Inotera Memories, originally scheduled to complete by July, will be delayed.

"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 said in a statement. "Micron expects to provide an update toward the latter part of calendar 2016."

Micron did not provide reasons for the delay.

A recent rally in Micron's share price could prompt the company to delay its Inotera acquisition. As completion of the acquisition also requires Nanya Technology's participation in Micron's upcoming private placement, Micron decided to renegotiate prices and terms with Nanya for a better deal, according to industry sources.

Micron's acquisition of Inotera should be able to complete by the end of third-quarter 2016, and Inotera will delist from the Taiwan Stock Exchange (TSE) after closing of the deal, the sources continued.

Earlier this month (June 2016), the Investment Commission of Taiwan's Ministry of Economic Affairs (MOEA) approved the planned merger between Micron's Taiwan unit (formerly Rexchip Electronics) and Inotera. Micron, which owns about 33% of Inotera, in December 2015 disclosed plans to buy Inotera's remaining shares for approximately US$3.2 billion.

The commission also approved Nanya's application to invest NT$31.457 billion (US$972 million) in Micron in a bid to boost its ties with the US firm. Nanya will acquire new Micron shares through private placement.