"The agreed terms marked the successful conclusion of PTSB's rigorous and competitive formal sale process. The final price is described as a highly attractive cash offer delivering compelling value for PTSB shareholders."
"BAWAG and PTSB believe that the acquisition has the potential to deliver significant benefits for customers, combining the Austrian lender's scale and capability with PTSB's deep roots in Irish communities."
"The price is well below most estimates when the sale process was launched last year, and the 75pc threshold for approval of the deal may be tight, given the below-market price that has been struck."
PTSB has reached a deal with Bawag for a sale valued at €1.619bn, significantly lower than market expectations. The sale price of €2.97 per share is below previous trading highs, causing shares to drop. The Minister for Finance supports the deal, which requires a super majority of shareholder approval and regulatory consent. Despite the lower price, the board claims the offer provides compelling value and potential benefits for customers, emphasizing the importance of maintaining a physical presence in Ireland.
Read at Irish Independent
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