Jurys Doyle

The long and winding takeover process

The long and winding takeover process

May 9th: Jurys board confirms it has received a takeover approach.

May 12th: Precinct - the Bryan Cullen-led consortium - confirms that it is behind the approach.

May 17th: Jurys board rejects approach at €15.25.

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June 1st: Precinct makes new approach at €16.25, but this is rejected by the board a week later.

June 9th: Jurys says it will sell five of its seven acres at Ballsbridge in Dublin.

June 13th: Precinct raises its approach to €16.50 and says it has backing from London investors, the Reuben brothers.

July 27th: Sean Dunne wins tender process for the Ballsbridge site with a €260 million bid. The deal needs shareholder approval.

July 28th: Precinct makes another approach at €17.50, based on an 80 per cent acceptance. Says it will pay €16.75 with a 65 per cent acceptance.

July 29th: Majority of the Jurys board recommends a Precinct approach at €17.50 with a 50.1 per cent acceptance. Doyle and Beatty families vote against. Due diligence begins.

August 12th: Sean Dunne starts to buy shares in Jurys, picking up a 3.37 per cent stake.

August 15th: Derek Quinlan, the financier, and Paddy Kelly, the property developer, named as possible bidders for Jurys.

August 19th: The Takeover Panel extends an earlier deadline for Precinct to make a firm bid.

August 24th: Jurys board withdraws support from Precinct because the consortium's banker, Anglo Irish, pulls back from the deal. Sean Dunne has meanwhile continued to build a stake and now has 18.23 per cent. Says he wants to meet other big shareholders.

August 25th: It emerges that Sean Dunne won't be allowed to vote on his own site purchase.

August 26th: Precinct has secured fresh funding from HBOS.

August 31st: Precinct exits the process. Developer Liam Carroll meanwhile emerges as a new, substantial shareholder in Jurys. The hotel group confirms it will look at selling the Berkeley Court site and the Montrose Hotel.

September 1st: Sean Dunne told to sell at least two million shares because he has breached the Takeover Panel's rules in building his stake.

September 2nd: Sean Dunne sells stock and then buys more, says he could make an offer. Liam Carroll also buying, but settles at 8.3 per cent.

September 6th: Market learns that the Doyle family is buying shares. They will reach 29.9 per cent.

September 9th: Sean Dunne now has 24 per cent. The Beatty family is also buying.

September 11th: It emerges that the Doyles have not decided how they will vote on Sean Dunne's Ballsbridge site purchase.

September 13th: The Beattys now have almost 9.5 per cent . Will soon have 10 per cent.

September 15th: Sean Dunne how has 27.5 per cent.

Yesterday: The Doyles, the Beattys and Elizabeth Nelson emerge as bidders at €18.90 per share.