PTSB shareholders have voted to accept the offer of Bawag, an Austrian financial services firm, to buy the bank in what would be a landmark deal for the sector in Ireland. But Thursday’s vote does not yet mean the deal is over the line. The High Court still has to rule on whether minority shareholders should have a separate vote and, if so, what terms this should be on. PTSB’s biggest shareholder is the Government with a stake of 57.5 per cent and it is supporting the sale. The overall majority in favour exceeded 91 per cent. But there has been opposition among some institutional investors, amid claims that the sales process lacked transparency and the price undervalued the bank. Bawag agreed to pay €2.97 per share, which valued PTSB at €1.62 billion. Glass Lewis, an international advisory firm to institutional investors, recommended that shareholders reject the deal though there was also support for the it among many independent shareholders, the majority of whom voted in favour at the extraordinary general meeting. However the majority was less than 75 per cent.There are a number of moving parts to the transaction, so the outcome was never going to satisfy everyone. The sales price represents a 20 per cent discount on the value of PTSB’s assets at the end of 2025. Moreover, euro zone bank shares have soared this year , which makes the sales price look like a bargain for Bawag.However, it is important to note that when PTSB was put up for sale the net was cast wide to find a buyer. Over 100 institutions and investors were contacted, but only six bidders came forward. Of these, only Bawag and a US private equity consortium headed by Centerbridge followed through.Bawag submitted the higher bid, despite claims that have since emerged that the Centerbridge offer would have realised a higher price if certain conditions were met. The sales process could yet collapse, depending on the view taken by the High Court, though the overall balance of shareholder support was strongly positive and this will surely be taken into account.Even if the sale is derailed and PTSB was put back on the market, there is no compelling evidence to suggest that there would be a greater level of interest that would generate a higher price.The reality is that Bawag’s expertise makes it the most suitable owner to ensure that PTSB reaches its potential as a genuine banking third force. A purchase by the Austrian bank is the best option in terms of developing the bank and increasing competition in the Irish market. Unlike fund investors, it is more likely to commit to Ireland in the long haul, rather than seeking a quick return. It is to be hoped that the deal will proceed. But first the courts must decide.