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Axis Capital mulls €1.74bn counterbid for PTSB

An unfunded rival approach tests BAWAG's agreed deal for the Irish lender.

M&A News deals deskFinancials · Ireland2 Oct 2026

Axis Capital said on 2 October it may offer €3.20 a share in cash for Permanent TSB, valuing the bank at around €1.74bn. That is above the €2.97 per share BAWAG agreed to pay.

Permanent TSB website: permanenttsbgroup.ie

Market context

PTSB shareholders approved the BAWAG scheme in July and the Irish state, which owns about 57%, has backed it. PTSB said no offer had been made by Axis and that it remains focused on completing the BAWAG deal.