Permanent TSB Group Holdings (CDI)
PTSB · Main Market · Banks · mcap £1,379m · €3.00 (≈251p) 2 open situations →
Open · 2
Offer for the company
BAWAG's recommended €2.97 cash offer was backed by 91.28% of votes at the 30 July 2026 shareholder vote. Axis floated a possible €3.20 bid on 2 Oct 2026. On 22 Oct 2026 Axis said PTSB had not met it or shared due diligence, and cited a possible funder at an early stage. Axis will seek a court adjournment of up to six weeks at the 27 Oct sanction hearing.
- Rival proposal
- Axis possible cash offer of €3.20 per share, announced 2 October 2026, not firm 22 Oct 2026 ↗
- BAWAG offer
- €2.97 per share cash; shareholders approved 30 July 2026 with 91.28% 22 Oct 2026 ↗
- Funding
- Possible Funder only evaluating lead anchor role; not an investment approval or cash confirmation 22 Oct 2026 ↗
- Board view
- PTSB advisers raised concerns about Axis's financial resources; no meeting or due diligence given 22 Oct 2026 ↗
- Axis request
- Court adjournment up to six weeks, progress report after four weeks 22 Oct 2026 ↗
- Next milestone
- High Court sanction hearing 27 October 2026 22 Oct 2026 ↗
Next: High Court sanction hearing; Axis seeks up to six weeks' adjournment · 27 Oct 2026
- 23 Oct 2026 offer
- 23 Jun 2026 approved
- 15 May 2026 offer
- 12 May 2026 offer
Cost reduction and transformation programme
Cost programme on track since 30 Oct 2025. H1 2026 operating expenses were €270m, 1% lower, and headcount (FTE) was almost 7% below June 2025. Cost/income ratio fell to 71% from 76%, helped by supplier, third-party and change-spend control and attrition.
- Operating expenses
- €270 million in H1 2026, 1% lower 29 Jul 2026 ↗
- Cost/income ratio
- 71%, 5 ppts lower 29 Jul 2026 ↗
- Headcount
- FTE almost 7% below June 2025 29 Jul 2026 ↗
- 29 Jul 2026 On track; costs 1% lower
- 30 Oct 2025 On track; costs marginally lower
- 30 Oct 2025 On track; staff down 239 since year end
Company filings. Not investment advice.