Precinct Investments said last night it had put forward a third takeover proposal to Jurys Doyle Hotel Group that valued the State's largest hotelier at about €1.04 billion.
Precinct said in a statement it was offering €16.50 for each Jurys share. Jurys had rejected a second approach from Precinct last month of €16.25 per share.
Precinct, which last year took Ireland's Gresham Hotel Group private, said the latest offer represents a premium of around 32 per cent to the price of Jurys shares before its first approach in early May.
Shares in Jurys had earlier finished unchanged in Dublin at around €15.65.
The latest approach from Precinct comes just one day after the Irish Takeover Panel had ruled that it would not allow the situation to drag on beyond 4pm on Friday.
Precinct said in a statement the revised proposal included a number of conditions that needed to be satisfied before an offer could be made but added that it was confident it could deliver an attractive offer to Jurys shareholders.