The Irish Takeover Panel, the body which polices the acquisition of stock market listed companies, has rejected a challenge to the €1.6 billion acquisition of PTSB bank by Austrian group BAWAG.
Axis Capital, which was co-founded by former Bank of Scotland (Ireland) CEO Mark Duffy, had raised a series of issues with the deal.
Shareholders in PTSB have already overwhelmingly voted in favour of a takeover by BAWAG but the acquisition must be approved by the High Court later this month.
Axis outlined its plans for PTSB today although it has not made a formal offer and does not yet have finance in place to make a bid.
Today the Irish Takeover Panel said that having “carefully considered” the matters raised by Axis there was “no basis” to conclude that there had been any breach of takeover panel rules.
Axis had announced earlier this month it was considering a possible cash offer for PTSB at €3.20 per share, a premium of approximately 7.7% to the €2.97 payable under the BAWAG scheme.
Today it announced what it aimed to do if it was successful.
Axis said it under its proposals PTSB would become a “a real third force. A durable challenger to AIB and Bank of Ireland: the role for which the State supported PTSB through the financial crisis.”
It added if it took control of PTSB it would mean “Irish hands on the wheel. Irish headquarters, an Irish board and Irish decision-making, backed by local minority shareholders.”
Shares in PTSB moved higher in Dublin trade today.
