Precinct unveils third approach for Jurys

Precinct Investments Ltd said this evening it had put forward a third takeover proposal to Jurys Doyle Hotel Group, valuing Ireland…

Precinct Investments Ltd said this evening it had put forward a third takeover proposal to Jurys Doyle Hotel Group, valuing Ireland's largest hotelier at about €1.04 billion ($1.3 billion).

Precinct said in a statement it was offering €16.50 for each Jurys share. Jurys had rejected a second approach from Precinct last month of €16.25 per share.

Precinct, which last year took Ireland's Gresham Hotel Group private, said the latest offer represents a premium of around 32 per cent to the price of Jurys shares before its first approach in early May.

Shares in Jurys had earlier finished unchanged in Dublin at around €15.65. The latest approach from Precinct comes just one day after the Irish Takeover Panel had ruled that it would not allow the situation to drag on beyond 6pm on Friday.

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Precinct said in a statement the revised proposal included a number of conditions that needed to be satisfied before an offer could be made but added that it was confident it could deliver an attractive offer to Jurys' shareholders.