Mobico surges after takeover approach from Spain's AdL

(Sharecast News) - Shares of Mobico - formerly National Express - surged on Wednesday after it said it had received a 46p per share takeover approach from Spain's Autobuses de Leon (AdL) that it would be minded to recommend. AdL is jointly held by CMC Group and a fund managed by Madrid-based Asterion Industrial Partners. CMC Group has been a long-term investor in Mobico since its sale of ALSA in 2005, and is the company's largest shareholder with a 26% shareholding.

Mobico said its independent directors have carefully evaluated the proposal together with its advisers and consider it to be at a value they are minded to recommend to shareholders should a firm intention to make an offer be made. Mobico's independent directors have agreed to provide AdL with access to confirmatory due diligence.

The company said there can be no certainty that any firm offer for will be made.

At 1350 BST, the shares were up 32.6% at 39.34p.

Under UK takeover rules, AdL has until 18 November to either announce a firm offer or walk away.

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