PTSB says a High Court hearing required to approve its takeover by Austria banking group Bawag will take place late next month.
The bank said the court has specified that parties interested in appearing at the October 27th sanctioning hearing need to notify PTSB’s solicitors, A&L Goodbody, no later than 5pm on September 28th.
PTSB secured backing from 91.3 per cent of shareholders for its takeover by Austria’s Bawag at an extraordinary general meeting (EGM) at the end of June.
Uncertainty remains over whether a separate count of minority shareholders will be required to approve the deal after the Government’s majority stake drove the overall result. Some 36 per cent of minority investors voted against the transaction at the egm.
The €1.62 billion takeover needed support from at least 75 per cent of investors who voted to go through as a so-called scheme of arrangement overseen by the High Court. The Government owns 57.5 per cent of the bank, following its crisis-era bailout.
It is expected that some shareholders will make an application to court at the sanctioning hearing for a second vote.