Property developer Bernard McNamara has said that he is not involved in the bid approach to Jurys Doyle Hotel Group.

The company said on Monday that it had received an unsolicited approach that could lead to an offer for the company but did not reveal the identity of the interested party.

Speculation centred on Mr McNamara, who bought the Tara Towers from Jurys in 2003 and was a member of the consortium which acquired the Shelbourne Hotel on Dublin's St Stephen's Green last year.

But a spokesman for the property developer said yesterday: "Bernard McNamara has not been and is not a participant in any bid for the Jurys Doyle Hotel Group nor has he made any bid for any of their property."

Jurys shares rose 30 cent, or 2 per cent, to €14.30, on top of a 15 per cent gain over the past week, in anticipation of a bid.

Analysts noted yesterday that recent takeover deals in the Irish market have required a 20 per cent premium to be paid by the bidder, implying a €16.50 takeover price. But many market observers believe this price may prove too steep.

Depending on what value is attached to the company's component parts - including its hotels and inns in Britain, Ireland and the US and its valuable Ballsbridge site - a price of €14-€16 is seen as more likely. This would value the company at €880 million-€1 billion.

Jurys described the approach as a preliminary one and there was speculation yesterday that it might not be very developed but the recent share price rise forced Jurys to make an announcement.

"On balance, we feel that this approach may not crystallise into a formal offer but may prompt some further corporate activity," NCB analyst Shane Matthews said.