Clearly, the key to any bid being successful is the support of the Doyle and Beatties families. While Precinct could take control of Jurys with just over 50% (with its €17.50 per-share offer), it would still leave a large number of discontented investors. The Doyle family still has members on the board, even after its merger with Jurys some years ago, and still has a large say in how the company is run.
Precinct, which is backed by British billionaires David and Simon Reuben, bought Ireland's Gresham Hotel Group last year. The bidder has until Friday evening to make a formal offer for the company, following a ruling by the Irish Takeover Panel. If it does not meet this deadline, it would be precluded from mounting a bid for at least six months.
Reports of another bidder for the company could prompt builder Sean Dunne to increase his stake in the company. Dunne, who is paying €260 million for 4.8 acres of Jurys' land in Dublin's Ballsbridge, bought 3.37% of Jury's last week. The Ballsbridge site is one of the most prized land assets in the state and could be worth hundreds of millions of euro more if developed for residential use.
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