“I am pleased that the Board of PTSB has secured 91.3% shareholder approval of its recommended offer by BAWAG for the entire issued share capital of PTSB at a price of €2.97 per share.
Following a fully-marketed public Formal Sale Process conducted by PTSB in accordance with the Irish Takeover Rules, which attracted a strong level of buyer interest, the Board of PTSB recommended an offer which was superior to all other proposals. Consequently, the State undertook to vote in favour of the BAWAG’s Cash Offer in relation to its 57.5% shareholding.
As I’ve previously stated, PTSB has made great progress in building a strong competitive position in the market which was important to maximising the return on the State’s investment in PTSB. Adding BAWAG’s demonstrated deep knowledge of the European and Irish banking sector can propel PTSB to an even more competitive position in the market, with the benefits of this to be seen by Irish consumers, businesses, and the Irish economy more generally. The Government believes that it is in the long-term interests of PTSB and citizens in general that the Bank be returned to full private ownership and begin this next phase of growth.
I want to again welcome BAWAG as the future owner of PTSB, and as Minister for Finance I look forward to engaging with BAWAG as it takes PTSB through its next phase of development, following completion. I also want to thank the management of PTSB and my team at the Department of Finance for their dedication and professionalism throughout this process.”
