National Express owner Mobico agrees £308 million takeover by Spain's Autobuses de León; shares rise about 12%

Mobico Group, the London-listed owner of the coach operator National Express, has agreed to be taken over by the Spanish company Autobuses de León (AdL) in a cash deal valuing it at about £308 million, the two sides announced on Friday 30 October.

The terms. AdL will pay 46p in cash for each Mobico share, a premium of about 55.1% to the closing share price on 20 October, the last business day before the offer period began, according to Sharecast. Mobico’s board has recommended the offer.

AdL is jointly held by CMC Group and a fund managed by the Madrid-based Asterion Industrial Partners. CMC Group is Mobico’s largest shareholder with about 26% of its shares and has been an investor in the company since it sold the Spanish bus operator ALSA to it in 2005, Sharecast reported.

Mobico shares closed at 43.96p on Friday, up about 11.6%, according to Sharecast market data.

What the company said. Mobico chair Phil White said the offer “represents a good outcome for Mobico’s stakeholders and provides shareholders with value and certainty”. He said that despite recent progress, the company’s financial position “remains challenging”, with cash outflows from legacy liabilities limiting its ability to reduce net debt, and that the deal would give the business a more sustainable capital structure.