Hotels group Jurys Doyle has received a takeover approach from a consortium including the three daughters of the late PV Doyle and board members Walter Beatty Jr and Elizabeth Nelson.
The potential offer is at €18.90 per share and is subject to acceptance by 50% of shareholders. But a statement from the company said the group was reserving its right to include an acceptance condition of 80% in any formal offer.
The board members not associated with the proposal say they are prepared to recommend the proposed offer if a firm offer is made at that level.
The consortium, together with members of their families or associated companies, currently owns or controls just over 42% of the company. Goldman Sachs is advising the consortium.
The development comes ahead of an extraordinary general meeting of the company scheduled for September 27. This was called to approve the sale of the company's Ballsbridge site in Dublin to developer Sean Dunne for €260m. Dunne has now built a 27% stake in the company. Developer Liam Carroll also owns just over 8% of the company.
Shares in the company closed 13 cent higher at €18.52 in Dublin this evening.
