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Perhaps investors in BCE Inc. are finally becoming accustomed to setbacks.

The phone giant’s stock, which has been oscillating wildly in recent months because of fears a $52 billion purchase of the company is on the rocks, barely budged yesterday after the Ontario Teachers’ Pension Plan and its buyout partners were successful in extending the deadline for filing regulatory documents related to the deal.

While such extensions aren’t unheard of in complicated transactions, nervous BCE investors have previously sent the stock plummeting following other seemingly innocuous developments and delays.

For its part, Teachers’ yesterday maintained its commitment to close the deal by a June 30 deadline.

"We just needed two more weeks to do it," said Deborah Allan, a Teachers’ spokesperson, referring to the filings. "There’s no reason for alarm."

The paperwork is related to a March 27 decision by the Canadian Radio-television and Telecommunications Commission to approve the deal with conditions designed to ensure Canadian control of the Bell Canada parent. The buyers had one month to make the changes and file the necessary documents.

But given speculation the deal will fall apart amid the ongoing credit crunch, analysts noted the possibility the delay could be an effort by Teachers’ and its U.S instant payday advance. private equity partners – Providence Equity Partners Inc., Madison Dearborn Partners, LLC and Merrill Lynch Global Private Equity – to maintain an exit strategy.

"This could simply mean the purchase group is still attempting to negotiate a shareholder agreement that meets both the non-Canadian investor approval as well as the CRTC request," said Greg MacDonald, an analyst at National Bank Financial, in a note to clients.

"However, it could also mean the purchase group is attempting to delay the CRTC approval process while it awaits the outcome of other issues like the bondholder appeal and bank funding."

While MacDonald said he still believes Teachers’ wants to buy BCE, he noted that the pension plan could be "keeping its options open on the one debatable exit strategy," which is a failure to meet regulatory requirements.

"Buyers have tried to exit deals on weaker justifications."

Shares closed at $36.78, down 62 cents, yesterday in Toronto – far below the $42.75 per share Teachers’ and its partners are offering to take the phone giant private.

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