RE:Time to execute on SM LOILOI can mean they agree that they want to make this deal happen on "general important terms" to each party
An acutal binding written agreement, especially one of this magnitude could take many months to complete. The amount of back and forth between legal teams over the smallest details can be daunting.
I wish it was as easy as signing an LOI but they aren't nearly as intricate, detailed or sensitive as what a contract would be. Not to mention it is very rare that both sides are 100% ok with the terms and no contract negotiation is needed.