Mobico weighs 46p-per-share takeover bid

Mobico Group PLC has disclosed that it has received a non-binding takeover proposal from Autobuses de Leon, S.L. The approach contemplates an all-cash offer of 46 pence per share for the entire issued and to-be-issued share capital of the transport group.

The price represents a significant premium to Mobico’s previous closing share price, with reports indicating a premium in the mid-50 per cent range. Following the announcement of the approach, Mobico’s shares recorded a sharp rise, with reported gains roughly in the low-30 per cent range.

Mobico operates bus, coach and train businesses, including well-known services in the UK and international operations spanning Spain, Germany, Morocco and the US. The group’s activities include local buses, long-distance coaches and shuttle services across these markets.

Mobico’s independent directors have evaluated the proposal and stated that they are minded to recommend it to shareholders. This conditional stance is subject to the satisfactory agreement of full terms and conditions and the completion of confirmatory due diligence.

To advance the process, Mobico has granted Autobuses de Leon access to its records. This access is intended to support confirmatory due diligence and to facilitate progress towards any potential announcement of a firm intention to make an offer.

Regulatory disclosures confirm that an offer period commenced on 21 October 2026. During this period, both parties are expected to carry out detailed assessments of the financial and operational aspects of Mobico’s business.

Under applicable takeover rules, Autobuses de Leon faces a fixed deadline to clarify its intentions. By 17:00 on 18 November 2026, it must either announce a firm intention to make an offer for Mobico or confirm that it does not intend to proceed.

Mobico has 614,086,377 ordinary shares in issue, a figure that provides a basis for assessing the overall equity value implied by the 46 pence-per-share proposal. The non-binding nature of the approach means that the terms could still change or the offer may not ultimately proceed.

Until a firm intention is announced, Mobico remains in an offer period and continues to operate its transport services across its existing markets. Any firm offer would be subject to customary conditions, including shareholder approval.

Alongside the bid interest, Mobico’s capital structure remains an important factor in the company’s outlook. The group carries more than £1bn of debt that will require refinancing in the coming years.

Reports highlight that Mobico’s net financial debt stood at about £1,076m at the end of 2025. This level of indebtedness forms part of the backdrop against which potential buyers and existing shareholders are evaluating the proposed 46 pence-per-share transaction.

The combination of a substantial equity premium, a formal offer period and a sizeable debt load places Mobico at a pivotal point, with the next key milestone being whether Autobuses de Leon converts its non-binding proposal into a firm offer by the November deadline.