On the surface, potential buyers of BCE are giving all the right reasons for Monday's delay in filing paperwork on the world's largest leveraged buyout. But investors nervous that this controversial deal may not close as planned (or wagering on just such as scenarios) got fresh news to chew on, as the Canadian Radio-television and Telecommunications Commission agreed to extend deadlines on document filings to May 12. The documents needed for CRTC approval on the buyout relate to concerns about governance of BCE after it is purchased, concerns that were not seen as difficult to satisfy. As this delay was announced, the Ontario Teachers Pension Plan went out of its way to say a complex deal is moving ahead as scheduled. CEO Jim Leech said: "We continue to work with BCE to meet all the requirements for closing by the end of the second quarter." However, even analysts who forecast the $35-billion deal will close say the situation just got murkier. "In our view, Teachers still wants to acquire this asset," said a note Monday from telecom analyst Greg MacDonald at National Bank Financial. But he said the delay in CRTC filings casts doubt on one of the few remaining regulatory approvals needed to close this deal. Mr. MacDonald said: "Buyers have tried to exit deals on weaker justifications." "Game theory suggests the acquirers should maintain all options in what is now a giant negotiation," said Mr. MacDonald. He said the buying group led by Teachers "may be keeping its options open on the one debatable exit strategy (failure to meet regulatory requirements)." The BCE buyout is expected to see the Teachers led consortium buy Canada's largest phone company for $42.75 a share, an offer announced in late June, prior to the credit crunch. BCE shares are changing hands Monday at $36.70, down 1.8 per cent from Friday's close.