Irish Permanent has received acceptances from just over 80 per cent of Irish Life shareholders for its offer for their shares. As the 80.9 per cent acceptance level has passed the key 80 per cent figure, the offer has now been declared unconditional, meaning that the proposed merger has cleared its first major hurdle.

The next key date comes on February 19th, when Irish Permanent shareholders will be asked to approve the deal at an extraordinary general meeting. With strong support expected from institutional shareholder base, Irish Permanent shareholders are expected to overwhelmingly approve the deal. The proposal will be sent to the Minister for Enterprise, Trade and Employment, Ms Harney, for approval. Because the two companies operate in different areas of the market, major competition issues are not expected to be raised. The £2.8 billion offer (€3.56 billion) will create the third largest financial services group in the State.

Each Irish Life shareholder receives 60.85 shares in the new company for every 100 shares held.