Mobico Group said on 21 October 2026 that its independent directors were minded to recommend a possible 46p-a-share cash offer from Autobuses de León, valuing the bus and coach operator at about £282m.
Deal terms and financing
The non-binding proposal is for the entire issued and to be issued share capital. AdL reserves the right to reduce the price by any dividend paid and to make an offer on less favourable terms in certain circumstances. A firm offer depends on agreeing definitive documentation and completing confirmatory due diligence, to which Mobico has granted access.
Regulatory approvals and timing
AdL must announce a firm intention to make an offer or confirm it will not do so by 5pm London time on 18 November 2026, unless the Takeover Panel extends the deadline.
Market context
AdL is jointly held by CMC Group, a long-term investor in Mobico since selling ALSA to the group in 2005, and Asterion Industrial Partners, a Madrid-based manager with €8.3bn of assets. Mobico director Jorge Cosmen is not among the independent directors. Mobico's shares rose by about a third on the announcement.
