{"url":"https://newsforagent.com/news/2026-10-23/permanent-tsb-bawag-court-sanction-hearing","markdown_url":"https://newsforagent.com/news/2026-10-23/permanent-tsb-bawag-court-sanction-hearing.md","title":"Permanent TSB Court Hearing Set for BAWAG's €1.62 Billion Offer","headline":"Permanent TSB Says High Court Sanction Hearing for BAWAG's €1.62 Billion Cash Offer Proceeds October 27","description":"Permanent TSB confirms its High Court sanction hearing for BAWAG P.S.K.'s €1.62 billion cash offer will proceed on October 27, 2026.","section":"Mergers & Acquisitions","published_at":"2026-10-23T09:35:07+00:00","modified_at":"2026-10-23T09:35:07+00:00","author":"News Desk","key_takeaways":["Permanent TSB's High Court sanction hearing for BAWAG P.S.K.'s recommended cash offer will proceed at 11am Irish time on October 27, 2026.","Four shareholders holding 0.002890% of Permanent TSB's issued shares have told the High Court they intend to object to the scheme.","Permanent TSB said no offer has been made by Axis Capital, which announced on October 22, 2026 that no offer has been made."],"companies":[{"name":"Permanent TSB","is_primary":true,"profile_url":"https://akta.pro/company-profiles/0002bmx/permanent-tsb","website":"http://permanenttsb.ie"},{"name":"BAWAG P.S.K.","is_primary":false,"profile_url":"https://akta.pro/company-profiles/000f58n/bawag-p-s-k","website":"https://www.bawagpsk.com/BAWAGPSK/PK"}],"source":{"publisher":"TradingView","title":"REG - Permanent TSB Group BAWAG Group AG - Update on High Court Sanction Hearing","url":"https://www.tradingview.com/news/reuters.com,2026-10-23:newsml_RSW2380Aa:0-reg-permanent-tsb-group-bawag-group-ag-update-on-high-court-sanction-hearing/"},"other_sources":[],"tags":["Mergers & Acquisitions","Permanent TSB","BAWAG P.S.K."],"body_markdown":"Permanent TSB Group Holdings plc confirmed that the High Court of Ireland hearing to sanction BAWAG P.S.K.'s recommended cash acquisition of the company will proceed at 11am Irish time on October 27, 2026. The [TradingView](https://www.tradingview.com/news/reuters.com,2026-10-23:newsml_RSW2380Aa:0-reg-permanent-tsb-group-bawag-group-ag-update-on-high-court-sanction-hearing/) report states that the timing of the judgment will be a matter for the High Court.\n\n## Permanent TSB's Scheme Sanction Hearing\n\nThe Board of [Permanent TSB](https://akta.pro/company-profiles/0002bmx/permanent-tsb) said it is continuing to work with [BAWAG P.S.K.](https://akta.pro/company-profiles/000f58n/bawag-p-s-k) to satisfy the remaining conditions in the Scheme Document dated 15 May 2026, including the sanction of the scheme at the Court Hearing. The company said the hearing is expected to take place over a number of days, and a further announcement will be made through a Regulatory Information Service following delivery of the High Court's judgment.\n\nPermanent TSB also addressed the recent announcement by Axis Capital Limited on 22 October 2026. \"PTSBGH confirms that no offer has been made by Axis for the Company,\" the company said, adding that it is firmly of the view that the announcement remains highly speculative and conditional and that no new information has been provided by Axis or its advisors that has changed that position.\n\nFour shareholders, out of a total of approximately 12,000 Permanent TSB shareholders, and who hold only 0.002890% of the company's issued shares, have indicated to the High Court that they intend to object to the sanction of the scheme. The company said these shareholders have, over a prolonged period, pursued a number of unsuccessful legal proceedings concerning Permanent TSB and the Minister's shareholding in the company.\n\nBAWAG P.S.K. announced on August 7, 2026 that it had published its half-year financial report for 2026, in compliance with Section 125 of the Austrian Stock Exchange Act, according to FinanzNachrichten.de.\n\n## Permanent TSB's Deal Terms on Record\n\nAccording to akta.pro [company records](https://akta.pro/company-data), BAWAG Group AG agreed to acquire Permanent TSB for €1.62 billion in cash at €2.97 per share, enabling a full exit of the Irish government's residual stake and creating a credible third challenger to AIB and Bank of Ireland. The same records list Permanent TSB's acquisition of Ulster Bank's non-tracker residential mortgage business, involving €6.2 billion in loans, after which its mortgage book increased by approximately 40%.\n\n## Earlier Interest in Permanent TSB\n\nScotchstone Capital LLP confirmed in October 2026 that it was considering making an offer for Permanent TSB Group Holdings plc, and stated there can be no certainty that any offer will be made or as to its terms, Investegate reported. Axis Capital said in October 2026 that KBW has not been engaged by Axis or a possible funder in connection with a possible offer for Permanent TSB Group, and that the possible funder is evaluating acting as lead anchor investor in financing of a possible offer, The future of trading reported. Millennium International Management and Sand Grove Capital disclosed interests in Permanent TSB Group Holdings under Irish Takeover Panel Rule 8.3, including equity swaps and cash-settled derivatives, Yahoo reported in October 2026.\n\n## Permanent TSB's Next Court Step\n\nThe High Court sanction hearing is scheduled for 27 October 2026 at 11am Irish time, with the judgment timing to be announced after the hearing.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}