€1.25bn Jurys takeover bid values shares at €18.90 each

THE €1.25 billion takeover cash offer for Jurys Doyle Hotel Group was sent to shareholders yesterday which values the shares at €18.90 each.

Acceptances have to be in by no later than 3pm on November 16. JDH Acquisitions controlled by the Doyle family and their associates needed just 50% plus one share to take control of the business.

The offer document says they have control or acceptances for over 56% of the equity which means the takeover goes ahead as intended.

However, sources close to the deal say the saga has further to run with speculation mounting that property developer Sean Dunne is prepared to sell his stake once the takeover is out of the way.

The sting in the tail is that Mr Dunne wants to buy the site that houses the Berkeley Court Hotel that runs adjacent to the 4.8 acres he took control of last week.

Mr Dunne, who last week forked out €260m to buy the prestige 4.8 acre site at Ballsbridge, according to a highly reliable source wants to do a deal with the daughters of the late PV Doyle to sell his holding to them, provided he gets first call on The Berkeley Court site, conservatively valued at €100m.

Last week Mr Dunne denied he had built up a stake of 28% in the hotel chain to protect his €260m deal for the Ballsbridge site.

He also denied he would use it to pressurise the Doyle family into selling him the second strategic Ballsbridge site that would significantly enhance the investment he has already made there.

Reliable sources say Mr Dunne is likely to put his cards on the table to JDH Acquisitions in the coming weeks. He may also seek more than the €18.90 for his shares on which he spent €200m to acquire and which the offer values at about €220m.Without Mr Dunne’s 28% stake, the Doyle family, said to be interested in protecting the hotel legacy built up by their late father, PV Doyle, will not have full control of the group which they would prefer to have.

It has emerged that the independent directors are to get paid extra for the work done on the takeover including the proposal received earlier from the Precinct consortium.