Precinct hopes to restart Jurys talks following Halifax deal

The Precinct Consortium is expected to re-engage with advisers to the Jurys Doyle Hotel group today about its €1.1 billion takeover bid having secured fresh funding.

Precinct, headed by property developer Bryan Cullen together with the London-based investors, Simon and David Reuben, are understood to have won the full support of the Halifax Bank of Scotland group to press ahead with its takeover plans.

The group was forced to abandon its efforts to proceed with its bid last week after Anglo Irish Bank pulled out as its financial backer after its bid became based on approval of just 50.1 per cent of Jurys shares.

When its financial backing unravelled last Wednesday, Jurys board withdrew its support for the Precinct's bid.

The board had stated that it would require written proof that it had new banking facilities in place. Following agreement with HBOS this can now be provided but it is unclear how Jurys board will react.

Precinct is obliged to submit a formal offer by Friday or its approach will lapse.

Meanwhile there has been speculation that Precinct was courting property developer, Sean Dunne, who swooped to take an 18 per cent stake in Jurys last week spending more than €200 million, to support its bid.

Mr Dunne has stated that he intends to approach Jurys Doyle major shareholders and the company's board of directors in the coming days.

He is now the single biggest individual shareholder in the hotel group and he has proposed the purchase of Jurys 4.84 acre site in Ballsbridge.

The board has called an extraordinary meeting of shareholder next month to seek approval for this transaction.

Mr Dunne could seek to acquire further shares but is precluded from making any further purchases until Wednesday.

Meanwhile two other property developers, Derek Quinlan and Paddy Kelly, have also expressed an interest in the takeover battle.

The Doyle and Beatty families together own 32 per cent of Jurys Doyle but they have refused to engage with Precinct.