Maple Group, the consortium of 13 financial institutions and pension funds looking to take control of the company that runs the Toronto Stock Exchange, has extended its offer to February 29th.

The bid was due to expire on Tuesday, but has been extended as Maple seeks approval for the bid from regulators. The deal values TMX Group at roughly $3.8 billion.

As part of its bid, Maple plans to buy all of Alpha Trading, an alternative trading system owned by the major players in the Canadian securities industry including the big banks, and CDS Inc., a clearing and depository firm, and add them to TMX Group to create a bigger Canadian-based exchange.

Approval by Canada's Competition Bureau is a key regulatory hurdle to the deal, and regulators have been concerned about the agreement giving the organization too much control of the prices of stock trades and other fees.

"We are committed to the transaction and are working diligently to obtain the required regulatory approvals," Luc Bertrand, Maple group spokesman, said in a statement. 

In a statement, TMX Group CEO Tom Kloet also expressed his support for the deal.

With files from CBC News