Mobico, the owner of National Express, has entered takeover talks with Spanish transport group Autobuses de Leon (AdL) over a £282mn deal that could mark a turning point for the Birmingham-based transport operator.
Mobico said on Wednesday that AdL had proposed acquiring the company for 46p a share, sending its stock soaring by about 33% to 39.5p in morning trading. The offer represents a premium of roughly 56% to Tuesday’s closing price.
The company said its board had assessed the proposal with advisers and was “minded to recommend” the deal to shareholders if AdL proceeds with a formal offer.
However, Mobico cautioned that an agreement remained uncertain.
“This announcement does not amount to an announcement of a firm intention to make an offer,” it said. “There can be no certainty that any firm offer for Mobico will be made.”
The company advised shareholders to take no action in response to the proposal.
AdL is backed by CMC Group, Mobico’s largest shareholder, which holds approximately 26% of the business. The relationship could prove significant as negotiations progress towards a potential transaction.
Mobico has spent recent years shrinking its international operations through disposals as it seeks to streamline the business. It recently agreed to sell its remaining UK regional bus operator to the West Midlands local authority, following the £457mn sale of its US school bus division last year.
A takeover would represent a significant development for the group, which operates bus services across Spain, Portugal and Morocco alongside its flagship National Express brand.
For investors, the proposed 46p offer provides a potential exit at a substantial premium, although the absence of a firm commitment leaves the outcome unresolved.
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