Jurys Doyle Hotels and developer Sean dunne have set a new date - of October 20th - to close the sale of part of the group's Ballsbridge site for €260m.
In a statement this evening Jurys acknolwledged that such deals are legally complex and can take much time to complete and both parties are continuing to address formalities.
This evening Sean Dunne said he will not sell his 28%stake in Jurys Doyle for the €18.90 a share being offered by a consortium seeking to buy the company, according to a Reuters report earlier.
JDH Acquisitions earlier made a formal offer to buy the shares it did not already hold in Jurys in a deal that values the company at €1.25 billion.
JDH, which is made up of the Doyle family and has the backing of the independend board at Jurys, now holds about 49% of the group's shares following purchases today.
Under stock exchange rules it now has to make a mandatory offer for all Jurys Doyle shares not already owned by the consortium which already made a cash offer for the group.
Earlier the board of JDH Acquisitions and the independent board of Jurys Doyle agreed on the terms of the recommended cash offer of €18.90 a share.
This represents a premium of about 41.5% over the closing price of €13.36 per Jurys Doyle share on May 6, 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.
The deal is still subject to approval from over 50% of shareholders.
Shares in the hotel group closed up 40 cent to €19.10 in Dublin this evening - a gain of 2.14%.
