Ireland's Axis Capital seeks finance for late counter bid for PTSB

BAWAG AG

02/10/2026 18:30

DUBLIN, Oct 2 (Reuters) - Irish corporate finance firm Axis Capital said on Friday it was considering making an offer for Permanent TSB PTSB.I at a 7.7% premium to the proposed €1.6 billion sale to Austria's BAWAG Group BAWG.VI supported by the Irish bank's shareholders. 
PTSB's board recommended BAWAG's offer in April and it was approved by shareholders in July, including by the Irish government which holds a 57.5% stake. The deal remains subject to regulatory and Irish High Court approvals.
Axis said in a statement that shareholders would benefit from the opportunity to consider a competing proposal before the court meets later this month to approve the deal and that it was considering a possible cash offer of €3.20 per share versus the €2.97 agreed with BAWAG.
The Dublin-based firm said it would now engage with a number of potential funding and investment partners with a view to raising the necessary financing that would support the announcement of a firm intention to make an offer.

 (Reporting by Padraic Halpin; Editing by Cynthia Osterman)
 ((padraic.halpin@thomsonreuters.com; +353 1 500 1504; Reuters Messaging: padraic.halpin.thomsonreuters.com@reuters.net))