Inotera Memories has announced the signing of a definitive agreement to conduct a share swap transaction with Micron Semiconductor Taiwan (MST). After closing of the transaction, Inotera will become a wholly-owned subsidiary of Micron Technology, and will delist from the Taiwan Stock Exchange (TSE).

Inotera indicated that its board of directors has passed a resolution to enter into an agreement with MST to conduct a share swap transaction, under which MST will acquire all of the issued and outstanding common shares of Inotera for NT$30 (US$0.25) per share in cash.

Inotera's share-swap transaction with MST, a wholly-owned subsidiary of US-listed Micron, will be discussed and require approval at Inotera's special shareholders meeting on March 29, 2016, according to Inotera.

Inotera continued the transaction is also subject to other conditions including the receipt of necessary regulatory approvals from authorities in Taiwan; at least NT$80 billion MST will obtain from Taiwan's local banks to fund the share-swap deal; and completion of Nanya Technology's acquisition of new Micron shares through a private placement.

Inotera expects to complete its share-swap deal with MST in the middle of 2016.

By: DocMemory
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