Permanent TSB Group Holdings (CDI) (PTSB): Offer for the company

This situation live

£1,379m · 251.2p · +23% since the first step

Takeover target

Offer for the company

approved

OCT27 Next: High Court sanction hearing for the BAWAG scheme in 3 days

Every step · 7

30 Oct 2025 sale process – If successful, this FSP would result in the exit of the State's last remaining shareholding in the Irish banking sector and, most importantly, return... ↗
18 Mar 2026 approach – BAWAG P.S.K has submitted a non-binding proposal which may or may not lead to an offer being made to acquire the entire issued and to be issued share... ↗
14 Apr 2026 offer – The Acquisition represents a premium of approximately 26% to PTSB's undisturbed closing share price of €2.35 per PTSB Share on 29 October 2025. ↗
12 May 2026 offer – PTSBGH has sought, and obtained, from the Irish Takeover Panel an extension of the deadline for posting the Scheme Document until 5.00p.m. on Tuesday, 19 May 2026. ↗
15 May 2026 offer – PTSBGH Shareholders will be entitled to receive for each PTSBGH Share €2.97 in cash. ↗
23 Jun 2026 approved – The Irish Competition and Consumer Protection Commission (CCPC) has unconditionally cleared the recommended cash offer by BAWAK PSK for PTSBGH. ↗
12 Oct 2026 approved – The Panel issued a ruling to Axis and the parties concerned confirming its view that no basis had been made out for the making of a ruling that there had... ↗

What is happening

Permanent TSB Group Holdings (CDI): Offer for the company – approved. ['approved']

In short: BAWAG's recommended all-cash offer of €2.97 per share (about €1.619bn) was agreed on 14 Apr 2026. The CCPC cleared it on 23 Jun 2026 and shareholders approved it on 30 Jul 2026 (91% of votes cast). Axis announced a possible €3.20 rival on 2 Oct 2026 with no committed financing, and Scotchstone said on 9 Oct 2026 it is considering an offer. On 12 Oct 2026 Axis added its strategy and a non-binding survey of shareholder interest in rolling over part of their shares.
Announced: 30 Oct 2025 · sale process
Latest: 12 Oct 2026 · approach
Shareholder vote: Scheme approved with 91% of votes cast on 30 Jul 2026
Objections: Interested parties must give notice of appearance by 5pm GMT on 28 September 2026
BAWAG offer: Recommended all-cash €2.97 per share, about €1.619bn, by scheme of arrangement; agreed 14 Apr 2026
Rival approach: Axis possible cash offer at €3.20 per share, about 7.7% above BAWAG; announced 2 Oct 2026; no financing committed
Axis funding: No financing committed; Axis will only make a firm offer once funding is certain
Second approach: Scotchstone Capital considering an offer, announced 9 Oct 2026; no price or terms given
Axis rollover: 12 Oct 2026: Axis considering letting shareholders roll over 0%, 25%, 50% or 100% of their shares; non-binding survey, no terms settled
Next milestone: High Court sanction hearing listed for 27 October 2026

High Court sanction hearing for the BAWAG scheme (27 Oct 2026).

From the company's own announcements. Not investment advice.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

Also at Permanent TSB Group Holdings (CDI) 1 open