The battle for Jurys Doyle hotels is expected to reignite this week following the sale of its Dublin Ballsbridge site.
Developer Sean Dunne was due to complete the €260m (£179m) deal on Tuesday (11 October), triggering renewed speculation over the fate of the rest of the group.
One industry insider said rumours were "running wild" about the future of the hotel group. "Things are really going to hot up once the Doyle family make a bid," he said.
The Doyle family consortium, which owns a 42% stake in the business, has indicated it will bid €18.90 (£13) per share for the group. But other shareholders, including Sean Dunne (29% share) and Liam Carroll (8% share), are thought to be considering counter offers.
The source added: "The key is whether Dunne decides to sell out of the group. If he does, he could make €10m-€15m (£7m-£10m) and the Doyles could increase their shareholding to 71%. They would need only 80% to take the company private."
The Doyle family first approached the company about a possible takeover last month.