National Australia Bank (NAB) has agreed to extend the terms of its proposal to acquire Axa Asia Pacific Holdings (Axa APH) until next Monday.

The bank’s offer to pay $13.2 billion to buy 100% of Axa APH previously expired on Saturday. NAB intends to sell Axa APH’s lucrative Asian businesses to Paris-based parent company Axa SA.

“The discussions to agree final transaction documents to implement the proposal between Axa APH, NAB and Axa SA are at an advanced stage,” NAB said in a release to the Australian Securities Exchange this morning.

In a similar statement, Axa APH says the proposal is subject to shareholder approval, as well as approval from Australian, Asian and New Zealand regulators, “and other conditions”.

The tone of the statements suggest an earlier bid by AMP, which was trumped by NAB, is unlikely to be raised. Axa APH says its directors “continue to unanimously recommend the proposal in the absence of a superior proposal and subject to the opinion of an independent expert”.

The agreement between NAB and Axa APH follows an announcement last week by the Australian Competition and Consumer Commission that it will delay its investigation of the proposal until April 22. It is expected to rule on the AMP bid on April 1.