A Fermanagh businessman, Mr Seán Quinn, has sent details of his £102 million (€149 million) offer for the Wentworth Club in Surrey to the firm's shareholders.
The offer document, which was posted last night, will arrive with shareholders at the same time as details of a competing £100 million offer from retail entrepreneur, Mr Richard Caring.
The Caring offer has already attracted an irrevocable acceptance from the Wentworth Club's largest shareholder, Chelsfield.
The property company owns 60 per cent of the club, with the remainder owned by 26 individual and institutional shareholders.
The latter group, which has stronger voting rights than Chelsfield, includes the Savoy Group, which was taken over by a group of Irish investors advised by Mr Derek Quinlan over the summer.
It also includes former newspaper magnate, Mr Eddy Shah and Mr Surinder Arora, who was a bidder for Wentworth earlier in the process.
Mr Shah has voiced particular discomfort with the Caring offer, with some shareholders in Chelsfield also reported to be unhappy with it.
The Times said yesterday that Mr Arora would be prepared to match Mr Caring's bid, as would be his right under special pre-emption rights due to the 26 smaller shareholders.
Mr Quinn, who is being advised on the deal by Deloitte, may have an advantage over Mr Caring because his bid is in cash and is free from any conditions.
