Permanent TSB says continues to view Axis's approach as "speculative"

Dublin-based bank Permanent TSB Group Holdings PLC on Friday reaffirmed that it viewed Axis Capital Ltd's approach as "highly speculative" a day after the latter announced it petitioned the Irish High Court.

Axis Capital, a Dublin-based advisory firm, on Thursday had said that it petitioned the High Court to disrupt the planned takeover of Permanent TSB by Vienna-based lender Bawag Group AG.

Axis Capital on Thursday said it would ask the High Court at the hearing scheduled for next week Tuesday to adjourn takeover proceedings by up to six weeks. It added that Bawag indicated an expected completion in the first quarter of 2027.

In response, Permanent TSB on Friday said that it "is firmly of the view that this latest announcement remains highly speculative and conditional and that no new information has been provided by Axis or its advisors that has changed that position."

Further, Permanent TSB confirmed that Axis has made no offer for the company.

On Thursday, Axis Capital said in response to concerns regarding its financial resources, it provided Permanent TSB Chair Julie O'Neill with a letter from its financial adviser Quirin Privatbank AG, describing an institutional funding interest.

Axis Capital said that the letter records that Keefe, Bruyette & Woods, a Stifel Company, ["KBW"], has introduced Axis to a large global investment manager which is a prospective client of KBW, the possible funder. It added that KBW has not been engaged by Axis or the possible funder in connection with the possible offer.

Earlier this month, Axis Capital, said that it was considering making a cash offer priced at EUR3.20 per share. Based on Permanent TSB's 545.0 million issued shares, that offer would be worth EUR1.74 billion in total.

It is 7.7% higher than the offer of EUR2.97 per share from Bawag, a subsidiary of Bawag PSK, which values Permanent TSB at EUR1.62 billion.

Bawag and Permanent TSB had agreed to the terms of the takeover in April, and shareholders approved the transaction at a general meeting in July. A court sanction hearing is scheduled on October 27.

Also earlier this month, Permanent TSB had dismissed another expression of interest, made by London-based investment firm Scotchstone Capital LLP.

Permanent TSB shares closed flat at EUR2.98 each in Dublin, and closed flat at EUR2.90 each on Friday in London.

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