PTSB claims 'no offer has been made' by Axis Capital to compete with BAWAG takeover bid

The Irish State still owns 57.4% of the bank’s shares, so the finalisation of the BAWAG deal is still subject to regulatory and court approval

Sat Shah (left), deputy chief executive of BAWAG Group and Eamonn Crowley, chief executive of PTSB. In July, PTSB shareholders voted to approve the sale of the bank to BAWAG. 

PTSB has said that it has not received an offer from the corporate finance firm Axis Capital to purchase the bank and will continue with the already agreed sale process to Austrian banking group BAWAG.

Last week, Axis Capital said it was considering making an offer for the entire issued share capital of PTSB at a price of €3.20 per share. This would value the deal at €1.74bn.

In its disclosure about the possible takeover bid, Axis Capital said their possible offer represents a 7.7% premium over the €2.97 per share offered under the BAWAG deal which equates to a total offer of €1.6bn.

The company added that it is “minded to” offer current shareholders in PTSB to roll over parts of their shares into the new structure and “thus remain shareholders”.

In late July, shareholders in PTSB voted overwhelmingly to sell the bank to BAWAG. The Irish State, through the minister for finance, still owns 57.4% of the bank’s shares. The finalisation of the deal is still subject to regulatory and court approval.

The sale of the bank to BAWAG was welcomed by finance minister Simon Harris.

A formal sale process of PTSB was launched in October last year and in April the board accepted the all-cash offer from BAWAG. At the time, the purchase price was for €2.97 per share which was a 26% premium on the bank's share price, resulting in an overall price tag of €1.6bn.

Axis Capital said that after PTSB’s sale process to BAWAG, it concluded that “shareholders and other stakeholders would benefit from the opportunity to consider a competing proposal before the scheme is sanctioned, and that it is now the appropriate time to make this announcement”.

Axis Capital added that it plans to “engage with a number of potential funders, co-investors and other financing partners with a view to raising the necessary finance to make a firm offer”, but noted that “no financing has yet been committed”.

In a statement, PTSB said it noted the public statements made by Axis Capital last week but it confirmed that “no offer has been made” by the firm and that the offer is “highly speculative and conditional”.

PTSB said it remains fully focused on the board recommended proposal from BAWAG.

On July 30, PTSB shareholders overwhelmingly approved the BAWAG offer.

“The board of PTSB is focused on delivering value and certainty to the company’s shareholders and, in accordance with its legal obligations, is continuing to work with BAWAG to satisfy the remaining conditions set out in the Scheme Document dated May 15,2026, including the sanction by the High Court of the Scheme at the Court Hearing scheduled for October 27,” the bank said.

In its disclosure, Axis Capital said it will make a further announcement, including either a firm intention to make an offer pursuant or a statement that it does not plan to proceed, as “soon as it is in a position to do so”.

Axis Capital said, as of the end of last week, it has “informed the PTSB board of the potential offer” but no discussions have taken place yet. 

“Axis intends to seek to engage with the PTSB board in due course,” it said. Axis Capital is an international corporate finance and advisory company with its registered office in Dublin.