Mobico directors minded to back possible 46 pence per share takeover

Mobico Group PLC on Wednesday confirmed it had received a possible cash takeover proposal worth 46 pence per share from Autobuses de Leon SL, with its independent directors indicating they would be minded to recommend an offer on those terms.

Mobico shares surged 34% to 39.74 pence in London on Wednesday following the disclosure.

The Birmingham-based public transport operator said the non-binding proposal followed an initial approach and subsequent negotiations with Autobuses de Leon, which is jointly owned by CMC Group and a fund managed by Madrid-based Asterion Industrial Partners.

CMC Group is Mobico's largest shareholder, holding a 26% stake, and has been an investor since selling Automoviles Luarca SA, or Alsa, to the company in 2005. Asterion manages EUR8.3 billion in assets and has experience investing in mobility businesses.

Mobico said its independent directors had evaluated the proposal alongside their advisers and considered the valuation acceptable for recommendation to shareholders, subject to agreement on the full terms and conditions of a firm offer.

The directors have agreed to provide Autobuses de Leon with access to confirmatory due diligence to progress towards a potential formal bid.

However, Mobico stressed that no firm offer had been made and there was no certainty that one would materialise. Shareholders were advised to take no action.

Under UK takeover rules, Autobuses de Leon must announce a firm intention to make an offer or confirm it will not proceed by 1700 GMT on November 18, unless the deadline is extended with the consent of the Takeover Panel.

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