Irish hotel chain Jurys Doyle has rejected the unsolicited approach from Precinct Investments, which owns Gresham Hotels.
The offer, which was made last Monday (9 May), proposed a price of €15.25 (£10.37) per ordinary share for the 33-strong hotel chain.
In a statement from Jurys Doyle it said it has rejected the approach. "In the opinion of the board, it failed to reflect the value of Jurys Doyle and its prospects," it said.
Jurys Doyle has hotels in Ireland, the UK and USA.
Reports have suggested that the Precinct bid has prompted interest in Jurys Doyle from other investment companies.
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