Mark Duffy’s Axis to ask court to delay ratifying Bawag’s PTSB takeover

Axis Capital, a corporate advisory firm cofounded by former banker Mark Duffy, said on Thursday it will ask the High Court next week to delay ratifying PTSB’s takeover by Austrian lender Bawag as it seeks to put together an 11th-hour rival bid. Axis said it will seek an adjournment of up to six weeks of the sanctioning hearing, scheduled for October 27th. The company said that investment bank Keefe, Bruyette & Woods (KBW) has introduced it to a “large global investment manager”, which is weighing acting as lead investor in the financing of a potential bid. “The possible funder is evaluating acting as lead anchor investor in the financing of a possible offer, with the balance of the capital to be syndicated to its limited partners and other co-investors,” it said. READ MOREKBW has not been engaged by either side. Axis is advised by Berlin-based Quirin Privatbank. Duffy was the chief executive of now-defunct Bank of Scotland (Ireland).“The possible funder has indicated that completing its confirmatory due diligence is essential before it can syndicate the balance of the capital to its partners and provide a formal letter of support,” Axis said. [ Bawag ‘rising above the noise’ as it eyes completing PTSB deal, CEO saysOpens in new window ]“It estimates that it requires four to six weeks from access to the due diligence information to complete that work and seek the necessary internal approvals.”PTSB, which is 57.5 per cent State owned, has not met Axis or provided access to information to carry out due diligence, Axis said. The chief executive of Bawag said earlier this week the Austrian banking group is “rising above the noise” as it awaits High Court approval of its takeover of PTSB later this month.Scotchstone, led by Piotr Skoczylas, is a long-time dissenting PTSB shareholder that has pursued a series of cases in the Irish courts stemming from PTSB’s effective nationalisation in 2011. It also signalled on October 9th that it was considering making an offer for PTSB.