Maple Group Acquisition Corp. said Tuesday it has extended its offer deadline on the proposed purchase of Toronto Stock Exchange owner TMX Group Inc. to Feb. 29.

The offer by the consortium of 13 banks and financial institutions to acquire a minimum of 70% and maximum of 80% of TMX shares has been plagued by delays in obtaining regulatory approvals.

The bid, which is part of an $3.8-billion integrated acquisition transaction to acquire 100% of the shares , was set to expire Tuesday at 5 p.m. ET.

The Maple deal requires approval from Canada’s federal Competition Bureau, whose commissioner expressed “serious concerns” in November.

Maple’s plans to integrate rival bank-owned trading venue Alpha Group and CDS Ltd., a clearing and settlement utility, into TMX Group are a some of the contentious aspects of the deal.

“We are committed to the transaction and are working diligently to obtain the required regulatory approvals,” Luc Bertrand, spokesman for Maple Group, said in a statement.

TMX CEO Tom Kloet also expressed his continued support for the deal in a statement.