The consortium behind the latest bid approach to hotel group Jurys Doyle is on track to launch a formal €1.2 billion takeover offer next week, a source close to the process said today, according to reports on Reuters News Agency.
Jurys said on September 19 that it had received a bid approach from a consortium holding over 40% of its shares. The approach, from a group including five board members and the daughters of the company's late founder PV Doyle, was subject to due diligence and financing, it said.
The group has now completed its due diligence and is putting the finishing touches to its bid, the source said today.
The board of Ireland's biggest hotel company, which has been the subject of intense takeover speculation, has said it would be prepared to recommend a firm offer made at the proposed €18.90 a share minimum and without pre-conditions.
The future of Jurys has been complicated by property developer Sean Dunne, who has accumulated a 28% stake in the hotel group and said he is considering his options over any potential bid.
Dunne has made no further statement but sources close to the matter have said Precinct's financial advisors are trying to pursuade him to launch an offer with financing from the billionaire Reuben brothers, who backed Precinct's bid.
Other sources, however, said Dunne had not approached the Reubens, making the prospect of any bid unlikely.
Derek Quinlan said in August that he too was potentially interested in making a bid for Ireland's largest hotel group.
