Developer Seán Dunne has delayed completion of his €260 million purchase of a plot of prime Dublin real estate from hotel group Jurys Doyle while he gets the necessary paperwork in place.
In a statement issued this morning, it was claimed Mr Dunne's legal advisers had informed them that "documentation and legal due diligence has yet to be finalised to the satisfaction of the provider of debt facilities to Mr Dunne."
That could delay a €1.2 billion bid to buy the whole company from a group of Jurys board members and the daughters of the company's late founder, P.V. Doyle. Mr Dunne is not part of the consortium.
A source close to the consortium told Reuters last week that it will only make a formal takeover offer once money from the sale of five acres in Dublin's prestigious Ballsbridge area to Mr Dunne comes in.
Jurys said this morning that Mr Dunne's legal advisers had said they should be in a position to complete the property deal "in early course".
Jurys, which has been the subject of intense takeover speculation for months, said on September 19th it had received a bid approach from the consortium that already holds over 40 per cent of its shares.
The offer of €18.90 per share is 24 per cent above an initial €15.25 proposal made by another investor group, Precinct Investments, in May and is pitched at a 51 per cent premium to the €12.50 at which Jurys shares were trading before rumours of that bid circulated.
The future of Jurys has been complicated, however, by Mr Dunne, who as well as buying the Dublin site has accumulated a 28 per cent stake in the hotel group of his own and has said he is considering his options over any potential bid.
Shares in Jurys were unchanged at €18.70 in Dublin this morning.