AdL explores potential £282m acquisition of Mobico, shares surge on news
Mobico's stock rose about a third after confirming talks with Spain's AdL over a £282 million takeover proposal.
Mobico Group saw its share price increase by approximately one-third after confirming that Spain's AdL is in talks to acquire the company for around £282 million. The proposed transaction would price the shares at a roughly 56% premium to the price at the close of trading the day before. Mobico's executives have examined the proposal with advisers and indicated they are likely to recommend the deal to shareholders if AdL submits a formal offer.
However, the firm stressed that the announcement does not constitute a firm intention to make an offer and that there is no certainty a binding bid will materialise. Shareholders were advised to refrain from taking any action at this stage. AdL is supported by CMC Group, which holds about a 26% stake in Mobico, the company's largest shareholder. Recent years have seen Mobico streamline its portfolio, including the sale of its remaining UK regional bus operator to the West Midlands authority and a £457 million divestiture of its US school-bus business last year.
