Bidding war continues for Jurys Doyle

16 August 2005
Bidding war continues for Jurys Doyle

The likelihood of another investor entering the bidding war for Irish hotel group Jurys Doyle is growing, according to market speculation.

As the deadline looms for the Reuben brothers-led-consortium, Precinct, to make a firm offer for the chain (Friday), another Irish property investor, Quinlan Private, has indicated it may make a counter bid.

Quinlan confirmed it had not approached Jurys Doyle yet, but admitted it was "currently reviewing a number of acquisition opportunities", and this included the Jurys Doyle portfolio.

Shares at the start of the week were consistently trading at about €17.70 (£12.06), above the €17.50 (£11.93) Precinct is currently offering for the group. This has sparked speculation that offers to shareholders may rise still further before any deal for the company is agreed by the board.

Jurys will decide whether to accept any offer at an extraordinary general meeting on 27 September.

If Precinct's offer is accepted, Sean Dunne's bid for the Ballsbridge site, which was recently accepted by the Jurys board, may be terminated.

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