""BAWAG and Permanent TSB Group Holdings plc (PTSB) have agreed today, with the support of the Minister for Finance of Ireland who holds approximately 57.5pc of the shares in PTSB, the terms of a cash offer by BAWAG which has been recommended by PTSB's board of directors.""
""The price is well below most estimates when the sale process was launched last year.""
PTSB has reached an agreement with Bawag for a sale valued at €1.619 billion in cash. The Minister for Finance, Simon Harris, who holds a 57.5% stake on behalf of taxpayers, has endorsed the deal. The sale price is significantly lower than initial estimates when the process began last year. Approval from shareholders and the Central Bank is necessary for the deal to proceed. The board of directors of PTSB has recommended the cash offer from Bawag.
Read at Irish Independent
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