Jurys Doyle Hotel Group has announced today that it no longer supported a bid from Precinct Investments.
Jurys said today it had ended a due diligence process being carried out by Precinct Investments following the withdrawal of the consortium's bank funding support.
Jurys said Precinct, which had made a provisional offer €17.50 a share for the group last month, had failed to satisfy the board about the availability of alternative funding.
"Accordingly, the board no longer supports the Precinct proposal," Jurys said in a statement, adding it had been informed of Precinct's funding problem yesterday.
The Jurys board had said it would be prepared to recommend Precinct's offer - which valued the company at €1.1 billion - if a firm bid without preconditions was received following the completion of due diligence.
Jurys also said it noted the acquisition of shares by Irish property developer Sean Dunne, which took his stake in the company to more than 18 per cent, making him the single largest shareholder.
Analysts believe Mr Dunne's stake-building is aimed at ensuring he can complete a deal agreed last month to buy 4.84 acres of property in Dublin's prestigious Ballsbridge area from Jurys for €260 million.
Jurys said that apart from the approaches from Precinct, it had not received any other approach to buy the company.