𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

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Mobico, the parent company behind National Express, is in talks with a Spanish transport company over a potential £282 million takeover deal.

The Birmingham-based Mobico said that Autobuses de Leon (AdL) has proposed to purchase the company for 46p per share.

Shares in Mobico, which also operates bus companies in Spain, Portugal and Morocco, jumped by around 33 per cent to 39.5p after the talks were confirmed on Wednesday morning, and have since further risen to 40.4p.

The proposed price is roughly a 56 per cent premium on the closing price of Mobico shares on Tuesday evening, and approximately a 13.9 per cent premium on the share price as of Saturday morning.

Mobico bosses said they were “minded to recommend” the deal to shareholders after discussing the proposal with advisers, should the Spanish AdL make an official takeover offer.

“This announcement does not amount to an announcement of a firm intention to make an offer,” Mobico said.

“There can be no certainty that any firm offer for Mobico will be made. Mobico shareholders are advised to take no action in relation to the proposal.”

AdL is backed by CMC Group, which is Mobico’s largest shareholder, and already possesses roughly 26 per cent of the company.

It comes as takeover activity continues to ramp up this year, with interest from overseas strategic buyers and private equity.

Household names including easyJet and sugar giant Tate & Lyle have been taken off the London Stock Exchange by foreign investors.

Tate & Lyle shareholders voted overwhelmingly to wave through a £2.7 billion ($3.7 billion enterprise value) recommended all-cash takeover by US rival Ingredion on July 28.

And easyJet’s board unanimously agreed to a recommended £5.7 billion cash takeover offer from US private equity firm Apollo Global Management, which valued the airline at £7.15 per share.

Meanwhile, Mobico has trimmed down its operations through disposals in recent years.

It agreed a recent deal to sell its remaining UK regional bus operator to the West Midlands local authority, and completed a £457 million sale of its US school bus arm last year.

AdL has until 18 November to announce a firm offer.