Hedge Fund Reader : Jurys Doyle is a hot target for a takeover

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September 05, 2005

Jurys Doyle is a hot target for a takeover

There is a lot of buzz being generated at Jurys Doyle’s counter on account of speculative activities. Since the story around Jurys Doyle’s is that the hotel chain is up for grabs. But experts say that the buying activity is spurred by the short-term investors who would realize there returns when a takeover offer is made in the near future. Mr. Sean Dunne a leading shareholder reduced his stake from 18.23 per cent to 14.9 per cent at around 17.90 euro per share. But quickly built up his holding on the announcement by the Takeover Panel and increased his stake again by approximately 3.3 million shares, or 5.2 per cent at around 17.96 euro per share. Another developer Mr. Liam Carroll increased his stake to 7.4 per cent in the company by buying approximately 440,000 shares. The Hedge Funds now own around 20 per cent in Jurys Doyle. Business World Reports:

Firstly developer Sean Dunne sold 2.1m shares at 17.90 euro each, reducing his stake from 18.23pc to 14.9pc and following a ruling from the Takeover Panel that he had built up his holding too quickly. Market sources say he then returned to the market to purchase 3.3m shares, or 5.2pc of Jurys, mostly at 17.96 euro. Such purchases would take his stake to around 20pc of the company.

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September 5, 2005 in Gossip & Scandal | Permalink