Got version 4.40 on my Edge Explore this afternoon.
Changelog from version 4.30?
This issue with the update was fixed in SW version 4.60.
I has this problem (and also with 4.30). I disabled the phone connection, the it updated, then I re-enabled the phone connection.
Thanks for the tip; I turned off Bluetooth on my phone (after having said "Install" on the 4.60 prompt at least 5 times, probably more), and it immediately completed the update.