Mobico Group (MCG): Possible offer

What is happening

Mobico Group: Possible offer – approach. ['approach']

In short

On 21 Oct 2026 Mobico confirmed an approach from AdL, held by CMC Group and Asterion Industrial Partners Fund III, for a possible cash offer. After negotiation AdL made a non-binding proposal of 46p per share in cash. The Independent Directors are minded to recommend it if a firm offer is made, and have granted confirmatory due diligence. AdL must announce a firm offer or walk away by 18 Nov 2026 unless the Panel extends the deadline.

Announced

21 Oct 2026 · offer · 46p

Offer

Non-binding proposal of 46 pence per share in cash for the entire issued and to be issued share capital

Bidder

Autobuses de Leon, S.L. (AdL), jointly held by CMC Group and Asterion Industrial Partners Fund III, FCR

Board view

Independent Directors minded to recommend if a firm offer is made on these terms, subject to full terms and documentation

Largest shareholder

CMC Group holds 26% and has been an investor since its sale of ALSA in 2005

Conflict

Independent Directors comprise all directors except Jorge Cosmen

Next milestone

Rule 2.7 firm offer or no-offer announcement by 5.00 p.m. on 18 Nov 2026, extendable with Panel consent

What comes next

AdL firm offer or walk-away decision by Rule 2.6 deadline (18 Nov 2026).

Briefing

Mobico Group in 4 minutes

Mobico runs buses, coaches and trains in Spain, the UK, the US, Germany, North Africa and the Middle East. Its Spanish business, Alsa, keeps setting records, while UK coach, US contracts and German rail have cost it...

1. Act 1Sales grew, profit did not
2. Act 2Selling the school buses to cut debt
3. Act 3Two bad contracts, one fixed

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