Permanent TSB dismisses "highly speculative" Axis takeover approach

Permanent TSB Group Holdings PLC on Monday dismissed a possible takeover offer from Axis Capital Ltd, saying no offer has been made and that it remains focused on completing its agreed takeover by BAWAG PSK.

The Dublin-based bank was responding to a possible EUR3.20 per share offer from Axis, which would value Permanent TSB at around EUR1.74 billion.

Axis Capital, a Dublin-based advisory firm, said on Friday it was considering a possible cash offer for Permanent TSB.

Permanent TSB said: "PTSBGH confirms that no offer has been made by Axis for the company and that the announcement by Axis is highly speculative and conditional."

The company said it remains focused on the board-recommended proposal from BAWAG PSK, a subsidiary of Vienna-based BAWAG Group AG, which Permanent TSB shareholders approved in July.

BAWAG PSK announced a firm intention to make an offer for Permanent TSB in April at EUR2.97 per share, valuing the company at around EUR1.62 billion. The Permanent TSB board unanimously recommended the offer.

Permanent TSB said it is continuing to work with BAWAG PSK to satisfy the remaining takeover conditions, including a High Court sanction at a hearing scheduled for October 27.

Shares in Permanent TSB were up 2.4% at EUR3.03 on Monday morning in London.

Copyright 2026 Alliance News Ltd. All Rights Reserved.