A consortium made up of members of the Doyle family and owning almost 42% of the Jurys Doyle Hotel Group says it has agreed a takeover offer for the chain.
The JDH consortium is offering €18.90 for each Jurys Doyle share; this values the group at €1.25 billion.
This represents a premium of about 41.5% over the closing price of €13.36 per Jurys Doyle share on 6 May, the day before talks over a possible takeover were first disclosed by the Precinct Consortium.
They walked away from the chain after several takeover offers were rebuffed.
Today's deal is still subject to approval from over 50% of shareholders.
JDH Acquisitions holds 41.9% of Jurys Doyle shares and says it has also received irrevocable undertakings in respect of further shares, bringing undertakings to accept the offer to 45.2% of shareholders.
The independent board of the hotel group says it considers the terms of the offer to be fair and reasonable.
'The Independent Board is pleased to have reached a position where an offer is to be made at a price level and acceptance condition level which the Independent Board will recommend to Jurys Doyle Shareholders for acceptance,' commented Richard Hooper, Chairman of the hotel group.
'The Independent Board believes that the price to be offered by JDH Acquisitions represents an attractive opportunity for Jurys Doyle Shareholders to realise their investment for cash by accepting the cash offer,' he added.
JDH Acquisitions includes five board members and the daughters of the company's late founder, PV Doyle.
