"formally extend the process timeline" - A formal extension of a...

"formally extend the process timeline" - A formal extension of a timeline would nominate a date. There is no "formal" extension of the timeline.

If management don't want to impose artificial deadlines on themselves - which is perfectly reasonable - they shouldn't talk about formal extensions of anything.

I think it would have made sense to say a decision will be made in the first half of calendar year 2019. I appreciate that some of the proposals are detailed and it's a big decision, but how long can the evaluation take?