Doyle sisters’ consortium now owns almost 48% of group
It is understood it bought another 0.9% of the equity yesterday. It is led by the three daughters of late hotelier PV Doyle.
Sources said this means any chance of property developer Sean Dunne might make a counter-bid have practically vanished.
He may bide his time until the takeover is complete and negotiate a better price than the €18.90 on offer for the Jurys Doyle Group.
It was yesterday reported he was about to mount an alternative €1.3bn bid for the group. Analysts said that prospect receded last night.
Mr Dunne said he would not sell at €18.90 to the Doyle consortium fuelling speculation he intended to make a counter-bid.
Further intrigue was added to the battle for the hotel chain when it emerged financial consultant Paschal Taggart had bought 1.6% of the shares in the company at €19.20 each on Wednesday.
Mr Taggart is a partner at Cooney Taggart financial consultants in Dublin and is best known as chairman of the Irish Greyhound Racing Board (Bord na Gon).
At that stage it was thought we could be facing a protracted battle for the hotels. But when the Doyle sisters confirm their latest share purchase today is likely to put an end to the idea of Mr Dunne mounting a challenge for the group.
On Wednesday, JDH Acquisitions, which is the Doyle family vehicle making the bid for Jurys, bought shares equivalent to 4.2% of Jurys stock at €18.90 as they continued to build up their share of the business.
The 0.9% purchase of shares yesterday further consolidates their position which now looks unassailable, the markets believe.
That takes their overall stake in the group to close to 48% and with a share issue pending, JDH will then hold more than 50% of the group which is all they need to complete the takeover.
It was suggested Mr Dunne was about to bid €1.3bn in an effort to foil the Doyle family.
Liam Carroll of Zoe Developments, who holds 8.3% of the equity, has still to declare his hand, but is unlikely to join forces with Mr Dunne for personal reasons.
It is believed Mr Dunne will bide his time until the group is taken private after the takeover is complete.
He has already committed to buying 4.8 acres of land from Jurys Doyle for €260 million and it was felt all along his stake building in the group was done to protect the crucial land deal.
The report yesterday had Mr Dunne lined up to make a separate bid and was said to have the backing of French private-equity house Orion Capital.
Despite months of speculation however, the Doyle family, and their associates, are the only ones to have put their money on the table in the form of a firm offer.
Shares in the group were down 10cent to €19 yesterday, suggesting the takeover fever may dead and buried at this stage.
