An investment vehicle for the Doyle family announced to the stock exchange this morning it has gained control of the Jurys Doyle hotel group after taking its stake in the company over the 50 per cent threshold.
In a statement to the Irish Stock Exchange, JDH Acquisitions said: it "had reached agreement on the terms of a recommended cash offer to be made by Goldman Sachs International on behalf of JDH Acquisitions for the entire issued and to be issued share capital of Jurys Doyle".
JDH said it now holds "owns or holds irrevocable undertakings to accept the offer in respect of approximately 58.5 per cent". As of close of business on Friday JDH had secured only 47.95 per cent of Jurys Doyle.
It is understood most of the additional shares are from property developer Liam Carroll's stake. Mr Carroll held an estimated 8.3 per cent stake in Jurys Doyle, half of which has been acquired by JDH for €50 million, with an agreement for him to sell the remainder to JDH Acquisitions for the share offer price.
The acquisition of Mr Carroll's stake leaves just Sean Dunne as a remaining significant shareholder in the group. He is in line to pay €260 million for Jurys Doyle's five-acre site in Ballsbridge in Dublin.
Mr Dunne holds about 28 per cent of Jurys Doyle and has been building up his stake in the company.