The Precinct Consortium is continuing its discussions with financial institutions to secure backing for its €1.1 billion takeover of the Jurys Doyle Hotel group but said there was no certainty a new offer will emerge.

In a statement issued yesterday, Precinct, which is headed by property developer Bryan Cullen, said it, together with Aldergate Investments Ltd, the vehicle used by London-based investors Simon and David Reuben, is seeking alternative sources of finance in relation to a possible offer for the Irish hotel group.

The consortium had secured the backing of Anglo Irish Bank to finance the takeover but this unravelled when its current approach was based on approval in respect of just 50.1 per cent of Jurys shares. The takeover battle took a fresh twist this week after another property developer, Sean Dunne, secured an 18 per cent stake in Jurys Doyle for a total investment of €205 million.

He is precluded from buying any further shares until next Wednesday under Stock Exchange rules.

Mr Dunne has said that he intends to seek meetings with other significant shareholders in Jurys and with the company in the coming days to advance his efforts to acquire the hotel group's 4.84 acre site in Ballsbridge.

Jurys Doyle will hold an extraordinary general meeting for its shareholders on September 27th to seek approval for this transaction.

Trading in Jurys Doyle was quiet yesterday with investors awaiting developments. The shares rose 5 cent to end at €17.05.