Shares in Go-Ahead, which operates London's famous red buses on behalf of the capital's transport authority, jumped 14 percent to £15.50 in late morning deals.
Go-Ahead revealed Monday that it would recommend a consortium takeover from Australian peer Kinetic and Spanish infrastructure investor Globalvia, who are both backed by a Canadian pension fund.
The cash bid, pitched at £15 per share including a special dividend, is worth £650 million ($790 million).
"This is a compelling offer which combines an attractive valuation for shareholders with bright prospects for Go-Ahead's operations and colleagues around the world," said group chief executive Christian Schreyer.
He noted that the group would be "part of a truly global mass transit platform (that) will yield exciting opportunities".
Kinetic and Globalvia have committed "to invest in the decarbonisation and digitalisation of" Go-Ahead, added Schreyer.
The UK company specialises in bus and coach transport in Britain, Ireland, Germany, Norway, Singapore and Sweden, employing more than 27,000 people worldwide.
(AFP)
Curator Emma Slocombe with ikat robes and arabachi coats in the Peter the Great Room in Blickling Hall Amit Roy 
View of the entrance to Blickling Hall on a rainy autumn dayAmit Roy 
Kente cloth from Ghana in the Long Gallery in Blickling Hall 
Decoration in the Great Hall at Blickling Hall Amit Roy 
Palampore fragment made in coastal south-east India in the Brown Room in Blickling Hall Amit Roy 
Bed valance dating from early 1700s in the Italian Print Room at Blickling Hall Amit Roy 
Indian inspired fabric draped on sofas in the South Drawing Room in Blickling Hall Amit Roy 
Indian inspired fabric draped on sofas in the South Drawing Room with Indian carpet in Blickling Hall Amit Roy 
Karun Thakar has picked out the geometric patterns in the bookcase and the Kente cloth in the Long Gallery in Blickling Hall Amit Roy 
Large tapestry depicting Peter the Great defeating the Swedish army at the Battle of Poltava in 1709 Amit Roy 
ikat robes and arabachi coats in the Peter the Great Room in Blickling Hall Amit Roy 
Baghs and kanthas made by women provide contrast to the men only portraits in the Great Hall at Blickling Hall Amit Roy 
Baghs and kanthas in the entrance Great Hall at Blickling Hall Amit Roy
Baghs and Kanthas in the Great Hall in harmony with stained glass window at Blickling Hall Amit Roy 
Kimonos reflect Japanese influence in Upper Ante Room in Blickling Hall Amit Roy 
Kimono in Upper Ante Room in Blickling Hall 
A view of the Palace and fort at Agra shows romantic side of India Amit Roy 
Blickling Hall Amit Roy 
Table carpet, European 1670-1680 Amit Roy 
Unfinished 17th century Italian embroidery in the Print Room at Blickling Hall Amit Roy 
Picture of Kashmir shows a romantic view of India Amit Roy 
A panel of Ashburnham bed hangings made in Gujarat for sale in Europe in the Brown Room in Blickling Hall Amit Roy 
Colcha made in the 1600s by women in Bengal for the Portuguese market in the Long Gallery at Blickling Hall Amit Roy
