Jurys backing offer
The board of the Irish hotels group Jurys has recommended a bid led by the daughters of the late founder P.V Doyle to take the company private.
The hotel group board announced yesterday that it had reached terms with JDH Acquisitions, a group that has the support of 40 per cent of Jurys shareholders.
A bidding war between the Doyle family and other bidders, including Irish property developer Sean Dunne is now far less likely.
However, Dunne, who owns 28 per cent of the company, is said to be considering his options.
Other bidders, including private equity groups, have also been linked with company.
JDH comprises five Jurys board members and Doyle’s daughters. Advised by investment bank Goldman Sachs, the group has said it is prepared to pay €18.9 (£13) a share for Jurys Doyle, a premium of 51.2 per cent on the pre-takeover speculation share price.
The offer is conditional on acceptance from more than 50 per cent of shareholders, but 40 per cent have already bought into it.
Chairman of the Jurys board Richard Hooper said: “JDH Acquisitions represents an attractive opportunity for our shareholders to realise their investment for cash.
“In addition, Jurys Doyle shareholders who were on the share register on 16 September will remain entitled to receive the Jurys Doyle interim dividend.”