The negotiation period for the deal that would give GMP Capital Inc. full control of Richardson GMP Ltd. has been extended due to the Covid-19 pandemic, the companies said Tuesday.

The 30-day negotiation period for the transaction announced in February was set to expire on April 16. Richardson GMP’s shareholder groups — GMP, Richardson Financial Group Limited and two elected advisor representatives on Richardson GMP’s board — agreed to extend the period until after the worst of the pandemic has passed.

The new deadline for negotiations will be 60 days after Ontario’s state of emergency has been lifted, the groups said in a release.

The firms had already postponed an April 21 shareholder meeting to approve the deal.

“The parties are continuing to work toward entering into a definitive agreement and remain hopeful that they will do so in the future,” the statement said.

“The Company cautions its shareholders and other stakeholders that there is no assurance that any transaction involving Richardson GMP will result from these discussions or on what terms or structure any transaction may occur. ”

In February, GMP Capital Inc. agreed to an all-stock deal to acquire the shares in Richardson GMP Ltd. that it doesn’t already own.

Richardson GMP Financial Group (RFGL), GMP’s largest shareholder with a 24.1% position before the transaction, was set to increase its position to 39.7%. Existing GMP shareholders other than RFGL would hold 30.7% of the company and Richardson GMP advisors would hold 29.6%.