Shareholders in PTSB bank will vote today on whether to accept a \u20ac1.6 billion takeover offer from Austrian group Bawag at an extraordinary general meeting in Dublin.<\/p>\n
The State, which owns 57.4% of the shares, has backed the deal.<\/p>\n
However, the offer needs acceptances from 75% of shareholders before it can proceed.<\/p>\n
A number of shareholders have expressed reservations at the price offered for the bank.<\/p>\n
The deal was recommended by the PTSB board in April.<\/p>\n
Sretaw, an investment vehicle owned by businessman Eamon Waters which owns 7.02% of the bank, initially said it was disappointed by the deal.<\/p>\n
A leading advisory firm Glass Lewis has recommended that shareholders reject the offer and said it looks increasingly “tenuous” as bank share prices have steadily risen.<\/p>\n
However, another proxy advisory firm ISS has backed the deal.<\/p>\n
The offer for PTSB is \u20ac400m less than the value of PTSB’s net assets at the end of last year.<\/p>\n
However, the offer of \u20ac2.97 per share is above the company\u2019s share price before a sales process was announced in October.<\/p>\n
The Irish bank argued the Bawag offer represented the best deal for shareholders.<\/p>\n
PTSB put itself up for sale last year and appointed advisors Goldman Sachs to conduct a competitive process.<\/p>\n
Yesterday the Irish bank\u2019s CEO Eamonn Crowley said: “The PTSB Board\u2019s decision followed a thorough evaluation of value, certainty, stakeholder considerations, and long-term strategic fit.”<\/p>\n
Minister for Finance Simon Harris has also supported the deal.<\/p>\n
Other large shareholders are Samson Rock Capital with 3% of the stock, Morgan Stanley 3.1%, Goldman Sachs 3.15%, UBS 3.6% and Wellington Group 5.9%.<\/p>\n
If shareholders agree to the deal it would also have to be approved by the High Court in Ireland and the European Central Bank in Frankfurt.<\/p>\n","protected":false},"excerpt":{"rendered":"Shareholders in PTSB bank will vote today on whether to accept a \u20ac1.6 billion takeover offer from Austrian…\n","protected":false},"author":2,"featured_media":451819,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60],"class_list":["post-574618","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/574618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=574618"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/574618\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/451819"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=574618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=574618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=574618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}