National Express parent firm Mobico has said it is in talks over a £282 million takeover deal from a Spanish transport company.
Birmingham-based Mobico, which also runs bus operations in Spain, Portugal and Morocco, said Autobuses de Leon (AdL) has made a proposal to buy the company for 46p per share.
Mobico shares jumped by around 33% to 39.5p after the talks were confirmed on Wednesday morning.
The proposal represented a roughly 56% premium on the closing price of Mobico shares on Tuesday evening.
Mobico bosses said they have evaluated the approach with advisers and are “minded to recommend” the deal to shareholders, should AdL make a formal takeover offer.
“This announcement does not amount to an announcement of a firm intention to make an offer,” the company said in a statement.
“There can be no certainty that any firm offer for Mobico will be made. Mobico shareholders are advised to take no action in relation to the proposal.”
Spain’s AdL is backed by CMC Group, who is Mobico’s largest shareholder, with a roughly 26% stake.
Mobico has trimmed down its operations through disposals in recent years, including a recent deal to sell its remaining UK regional bus operator to the West Midlands local authority and £457 million sale of its US school bus arm last year.