Investors Agree to Buy Jurys Doyle
DUBLIN, October 14, 2005. Jurys Doyle Hotel Group's main shareholders have agreed to buy the company, which is Ireland's largest hotelier, in a transaction that values the business at 1.25 billion euros and ends a four-month board room battle.
JDH Acquisitions, which already owns 42 percent of the Dublin-based company, will buy the remaining stock for 18.90 euros a share, a Regulatory News Service statement has revealed today. This figure is 42 percent more than the closing price of May 6th, the day before another group of investors said they might make a bid.
The company has drawn interest from a number of investors including billionaire brothers David and Simon Reuben, partly because of the redevelopment potential of land it owns in Dublin. The price "represents an attractive opportunity for Jurys Doyle shareholders to realize their investment for cash,'' Chairman Richard Hooper said in the statement. The independent members of the company's board will recommend that investors accept the offer, he commented.
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