Strong interest in Jurys tenders

JURYS Doyle Group refused to comment on the number of tenders received for its five-acre Ballsbridge site in Dublin.

It is understood, however, that interest was solid and that several bids had been tendered by the time the offer period closed yesterday.

Jurys' future could well be tied in with the proposed development of the Ballsbridge site, home of three of its main hotels the Tower Hotel, Jurys and the Berkeley Court.

This site has become central to the future of the group and precipitated the rash of offers from Precinct.

Precinct has given indicative offers of 15.25, 16.25, and 16.50 to the group. The first two were rejected. The last, made last Thursday, is likely to be the final one.

The Jurys Doyle Board, particularly the Doyle and Beatty families who own 30% of the equity, are against the sale of the business to any third party.

However, the third "bid" says it will accept a majority of the board voting in favour of their offer, in an attempt to smoke out the two families.

This ploy could work, say analysts. They are quick to point out that prior to the bid, the Jurys share price was languishing at around €12 per share and is currently worth €15.60, a substantial premium to the pre-bid speculation price.

The board of the hotel chain meets next week to consider the latest offer and to review the tenders received for the highly prospective five-acre site.

Precinct has been given an extension until July 29 to make a formal bid for the group.

That the share price has held firm indicates the market believes Precinct will get control of the group eventually, analysts say.

And the performance of the group, which gained control of the Gresham Hotel Group last year in very difficult circumstances, shows it is capable of delivering.