Scotchstone Capital considers offer for Permanent TSB

By Michael Hennessey Scotchstone Capital said that it is considering making an offer for Irish bank Permanent TSB Group Holdings. Scotchstone Capital didn't disclose the price of any potential offer. Permanent TSB has a market capitalization of 1.62 billion euros ($1.82 billion) based on Thursday's closing price of 2.97 euros per share. There is no certainty that an offer will be made, or as to the terms on which it might be made, Scotchstone added. Earlier this month, Axis Capital said it was mulling making a cash offer for Permanent TSB at 3.20 euros per share. At the time, Permanent TSB said Axis' announcement was highly speculative and conditional, and said that it remains focused on the recommended takeover proposal by Austrian bank Bawag at 2.97 euros in cash per share, or 1.62 billion euros. The takeover by Bawag is expected to complete in the fourth quarter of 2026 or the first quarter of 2027. Write to Michael Hennessey at michael.hennessey@wsj.com (END) Dow Jones Newswires October 09, 2026 02:21 ET (06:21 GMT) Copyright (c) 2026 Dow Jones & Company, Inc. The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.