How long does a counter offer take to process?

I told my employer that I had another job offer. I would like to stay here but I would need my salary to be X. I was told it needs to be approved by 2 parties and then approved by the CEO. I was told by my manager that this typically takes two weeks. After two weeks I asked my manager for a status update. He told me that it was approved by the first two people and is currently sitting on the CEO's desk. It's now been about 5 weeks since I made my intentions known. I feel like this is getting ridiculous now. Any offer with another company is long gone by now. I am getting frustrated but I know that I was already approved through 2/3s of the process. Is this typical? How can you leave someone hanging for 5 weeks?

Typical time
Unnecessary amount of time
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How long does a counter offer take to process?
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