Shares in FTSE 250 transport operator Mobico Group jumped 34% on Wednesday after the company formerly known as National Express revealed it had received a potential takeover approach from a consortium backed by its largest shareholder.

The Birmingham-based group said its independent directors had received a non-binding proposal from Autobuses de Leon (AdL) for a cash offer of 46p per share for the entire company, which values Mobico at about £282m. AdL is jointly owned by CMC Group, which already holds a 26% stake in Mobico, and infrastructure investor Asterion Industrial Partners.

Following negotiations, Mobico's independent directors said they would be minded to recommend an offer on those terms if a firm bid is made, subject to agreement on final terms and conditions. The company has granted AdL access to conduct confirmatory due diligence as the parties work towards a potential transaction.

Mobico shares jumping around 34% after the announcement, also raising the prospect that another London-listed company could be heading into private ownership.

The approach comes after a difficult period for Mobico, formerly National Express, as the transport group sought to improve performance across its international operations. The backing of its largest shareholder, alongside a specialist infrastructure investor with experience in mobility assets, suggests confidence in the company's long-term value despite recent challenges. Mobico stressed there can be no certainty that a formal bid will ultimately be made.

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

---