Stagecoach has insisted it will go ahead with its planned purchase of key parts of National Express only in conjunction with the existing private equity offer for the group.

At least one major National Express shareholder is pushing for the board to examine the possibility of selling off assets piece by piece. Such a plan could be an alternative to selling the entire business to the consortium of Spain’s Cosmen family and CVC Capital Partners that last week tabled an improved 500p a share offer for the debt-laden bus and train operator.