Developer Sean Dunne built on his holding in Jurys Doyle yesterday, again paying above the level the Doyle-led consortium says it will pay for the company.
Mr Dunne bought 100,000 shares at €18.92, two cent higher than the consortium's approach at €18.90. The purchase, which brings his stake up to 27.8 per cent, came a day after he bought a block of shares at €19.50.
The market is now expecting the developer to table a bid for the company in conjunction with another party.
Sources have said the most likely partner will be a private-equity company, with Orion seen by many as the frontrunner.
It is also acknowledged, however, that private-equity players tend to drive very hard bargains not always palatable to smaller partners.
In this instance, it would be likely that any private-equity company would seek to gain control of the Jurys Inns business, leaving Mr Dunne to the company's prime sites.
The consortium that approached Jurys last weekend - the Doyle and Beatty families and Elizabeth Nelson - is meanwhile proceeding with due diligence and has agreed financing with an Irish bank.
The consortium already controls 42 per cent of Jurys Doyle and is expected to draw on bank finance to fully fund the remainder of any bid.
The due diligence process is said to be moving quickly, with the consortium's advisers, Goldman Sachs, taking advantage of the data prepared for Precinct, which tried and failed to bid for Jurys, over the summer.
On Tuesday, there will be an extraordinary general meeting to consider the sale of Jurys lands at Ballsbridge to Mr Dunne for €260 million.
The Doyle sisters, who control 29.9 per cent of Jurys, are certain to vote against unless Mr Dunne agrees to their takeover proposal.
The Beattys, who have 10 per cent, are also expected to vote against, although Walter Beatty Jnr and Mrs Nelson may vote in favour. In the shareholder circular prepared by Jurys the two directors said they would approve the transaction.
Liam Carroll, who holds an 8.3 per cent stake in Jurys, has not indicated how he will vote but is known to be unwilling to sell at €18.90.
Shares in Jurys closed at €18.80 yesterday, up five cent.
