Dunne’s Jurys options narrowed

PROPERTY developer Sean Dunne’s options have narrowed in relation to the Jurys Doyle Group with a counter bid being ruled out by sources close to him.

Last night however a spokesperson for Mr Dunne insisted he is “still keeping all his options open” despite the 56% plus stake now built up in the hotel chain by the Doyle family through JDH Acquisitions.

This time last week reports suggested Mr Dunne was on the verge of making a counter offer for Jurys Doyle with the backing of Canadian finance house Orion. Mr Dunne has a 28% equity holding in the hotel chain.

Mr Dunne is thought however to have abandoned that idea, and sources say he will not attempt a takeover in the present circumstances given JDH has taken a majority stake in the business.

With a bid from another source looking increasingly unlikely Mr Dunne may hang on to force a better price from JDH Acquisitions in due course.

It is understood he also has a keen interest in other sites that may be sold on by the consortium including the Montrose Hotel site and the Berkeley Court which is close to the 4.8-acre site for which Mr Dunne has agreed to pay €260m to the Jurys Doyle Group.

Shares in the group fell almost 2% yesterday to €18.72, which is below the €18.90 on offer from the consortium to buy the group.

That dip is the first key pointer the market believes the frantic race to gain control of the group is now over, sources said.

Mr Dunne controls a strategic 28% holding in the business and his investment is worth about €20m more than he paid for it in the course of building up his stake.

Without an alternative bidder Mr Dunne risks being locked into the group which would tie up a valuable €200m in funds he might otherwise want to invest in the development of his property business.

Increasingly, the Doyle family are seeing off the opposition while Mr Dunne is the only major shareholder keeping his plans close to his chest.

Liam Carroll has agreed to sell his 8.3% stake to the group at a gain of €30m while Paschal Taggart’s surprise purchase of 1.6% stake in the group was thought not to be hostile to the Doyle family.

His raid in the market fuelled speculation that he might be about to mount a counter bid for the business in association with Mr Carroll.

Previously, he was involved with Mr Carroll during the battle for control of Dunloe Ewart which Mr Carroll won.