Mobico Group PLC, owner of National Express, is considering a possible cash takeover backed by its largest shareholder that values existing shares at about £282 million as the company pursues a U.K. bus sale.
Autobuses de Leon, S.L. (AdL) proposed paying 46 pence a share, Mobico said Oct. 21. AdL is jointly owned by CMC Group, which holds 26% of Mobico, and Asterion Industrial Partners Fund III, FCR. The £282 million estimate covers Mobico's 614,086,377 existing shares; a possible offer would also cover shares to be issued.
Mobico's independent directors said they were inclined to recommend an offer at that price if AdL makes a firm bid and the parties agree on its full terms. They agreed to provide AdL access for confirmatory due diligence. Mobico said a firm offer is not assured.
The takeover approach comes as Mobico pursues the sale of its West Midlands bus business to the West Midlands Combined Authority. Mobico announced an agreement in principle Aug. 18 and expects the sale to close around November 2026. Under the proposed arrangement, the authority would take control of the network and related liabilities. Mobico said the transaction would reduce its exposure to uncertainty over bus franchising.
At 12:07 p.m. ET (16:07 UTC) Oct. 21, Mobico shares stood at 39.3 pence, up 32.5%, on the company's share-price display.
AdL must say by noon ET (17:00 UTC) Nov. 18 whether it intends to make a firm offer or does not intend to bid. The deadline may be extended with the consent of the Panel on Takeovers and Mergers.
