Jurys shareholders present offer proposal

The board of Jurys Doyle hotel group has received a possible offer proposal from board members Eileen Monahan, Bernadette Gallagher, Walter Beatty, Elizabeth Nelson, who have presented one with Ann Roche. Between them, the consortium or their families already own 42.3% of Jurys Doyle.

The independent members of the board (the directors of the company excluding Eileen Monahan, Tom Roche, Bernadette Gallagher, Walter Beatty and Elizabeth Nelson) will deal with the approach.

The possible offer proposal received from the consortium is at a level of not less than €18.90 per ordinary share in cash for the entire issued and to be issued ordinary share capital of the company.

The proposal is subject to an acceptance condition of 50% of Jurys Doyle ordinary shares plus one Jurys Doyle ordinary share. In certain circumstances, the consortium reserves its right to include an 80% acceptance condition in any formal offer.

The proposal is subject to a number of pre-conditions and conditions including the satisfactory completion of confirmatory due diligence and the arrangement of financing.

The independent board has unanimously decided that the proposal is at a level that it would be prepared to recommend for acceptance to Jurys Doyle shareholders, if following confirmatory due diligence, a firm offer without pre-conditions is made at that level.

The consortium together with members of their respective families and/or companies associated with them currently own or control 26,805,757 Jurys Doyle ordinary shares, which represents approximately 42.3% of the issued ordinary share capital of the company.

A further announcement will be made in due course.