Scotchstone Capital said today it is weighing a possible offer for PTSB.
In a brief statement, the company said there can be no certainty that any offer will be made or as to the terms on which any offer might be made.
Scotchstone Capital owns less than 1% of PTSB.
Scotchstone said its statement was made under Rule 2.4 of the Irish Takeover Rules and was not an announcement of a firm intention to make an offer.
In response to the announcement made by Scotchstone, Permanent TSB Group Holdings PLC said this afternoon that the Board has had no contact at any time with Scotchstone Capital LLP regarding a possible offer for the Company and that no proposal has been received by the Company.
It said the announcement by Scotchstone Capital LLP is therefore highly speculative and provides no basis for further consideration.
The Group added that the Board remains focused on delivering value and certainty to the Company’s shareholders and, in accordance with its legal obligations, is continuing to work with BAWAG PSK to satisfy the remaining conditions set out in the Scheme Document dated 15 May 2026, including the sanction by the High Court of the Scheme at the Court Hearing scheduled for 27 October 2026.
One of Scotchstone’s directors, Malta-based Piotr Skoczylas, previously took a legal challenge against the State’s bailout of the bank.
The Scotchstone Capital statement follows what PTSB called a “highly speculative and conditional” offer from Irish corporate finance firm Axis Capital last week.
Axis Capital said last Friday that it was considering making an offer for PTSB at a 7.7% premium to the proposed €1.6 billion sale to Austria’s BAWAG Group 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 Government which holds a 57.5% stake.
The deal remains subject to regulatory and Irish High Court approvals.
“PTSB confirms that no offer has been made by Axis for the company and that the announcement by Axis is highly speculative and conditional,” PTSB said in a statement on Monday.
“PTSB remains fully focused on the board recommended proposal from BAWAG, which was approved by PTSB shareholders,” it added.
PTSB shares rose in Dublin trade today.
