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Precinct ceases Jurys chase

31 August 2005

Precinct Investments has declared it will end its four-month courtship of Irish hotel chain Jurys Doyle, despite securing a new backer.

The company had until 2 September to make a firm offer for Jurys and was chasing a 50.1% stake.

However, it has not approached the group since it lost the backing of Anglo Irish Bank for its provisional offer of $1.1bn (£750m) on 26 August.

Although Precinct subsequently won the support of the Bank of Scotland, it confirmed today it was no longer interested in making an offer, after the recent jump in Jurys's share value.

Precinct had also been supported by the Reuben Brothers' private equity company Aldersgate Investments.

Meanwhile speculation has been growing over other bids for Jurys.

Sean Dunne, owner of property developer Mountbrook Homes and an 18.2% shareholder in the Irish hotel group, has had a €260m bid (£180m) for the 4.5-acre Ballsbridge Jurys Doyle site accepted.

By Chris Druce

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