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 a share. There is no certainty that an offer will be made, or as to the terms on which it might be made, Scotchstone added. Responding Permanent TSB said it hasn't been in contact with Scotchstone about a possible takeover, nor received any proposal. Earlier this month, Axis Capital said it was mulling making a cash offer for Permanent TSB at 3.20 euros a share. At the time, Permanent TSB said Axis' announcement was highly speculative and conditional, and said it remains focused on the recommended takeover proposal by Austrian bank Bawag at 2.97 euros in cash a share, or 1.62 billion euros. Permanent TSB said it remains focused on delivering value and certainty for shareholders and continues to work with Bawag to satisfy the remaining conditions. The takeover by Bawag is expected to complete in the fourth quarter of 2026 or the first quarter of 2027. Permanent TSB shares were are up 1% at 3 euros in late afternoon European trading, and 4.9% higher over the year to date. Write to Michael Hennessey at michael.hennessey@wsj.com (END) Dow Jones Newswires October 09, 2026 10:23 ET (14:23 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.