Fermanagh businessman Mr Sean Quinn's £122 million (€177 million) offer for Wentworth golf and leisure facility will today be extended to the club's most powerful shareholders.
The move follows the decision by Wentworth's largest shareholder, Chelsfield, to back Mr Quinn's million offer for the club.
While Chelsfield controls 60 per cent of Wentworth, the 26 "A" shareholders who own the remainder have stronger rights. The rules governing the company allow them 20 days to match external bids if they wish to do so.
Chelsfield had earlier given an irrevocable undertaking to accept a £110 million bid from British retail entrepreneur Mr Richard Caring. Under this arrangement, Chelsfield's acceptance could only be rescinded if a counter-bid of more than £120 million emerged.
Mr Quinn tabled his £122 million offer about two weeks ago. He had asked Chelsfield to desist from accepting any other bid unless it topped £135 million.
However, the new irrevocable bid can however only be taken back if an offer in excess of £130 million emerges. The main contender on this front is Mr Caring, who has also been bidding for Wentworth over the past month.
Quinlan Private, which acquired an "A" shareholding in the club when it took over the Savoy Hotel Group earlier this year, has also been in the running for the club. The firm, which is led by Mr Derek Quinlan, is now expected to drop out of the process as its attention turns to a takeover move on Chelsfield.
Quinlan had exercised its pre-emption rights in relation to the earlier Caring offer. Fellow "A" shareholder, hotelier Mr Surinder Arora, made a similar move.
This led to confusion and prompted Mr Quinn to voice concerns on the bidding process to Rothschild, the investment bank advising Wentworth.
Chelsfield did not comment on the matter yesterday but it is thought that the battle for control of its assets is unlikely to affect the latest irrevocable acceptance.
The letter outlining Mr Quinn's new offer, which is being posted by Wentworth, sets in motion the 20-day pre-emption period. His offer for the 75-year- old club is unconditional.
It is understood that the businessman sees Wentworth playing an important role in the English expansion of his €1 billion group.
This would see the Quinn Group as a wholeusing the club's facilities to entertain and reward customers and associates.
