Stagecoach is the dinner party guest who just won’t leave. It first appeared on the scene in June, alongside a consortium of bidders for National Express led by CVC Capital Partners and the Cosmen family. The UK transport group on Sunday made an approach of its own, now under consideration.

While the National Express board will politely entertain its preliminary offer, it will push ahead anyway with a rights issue for about £350m. Paying down debt is critical for National Express. Of its £1.2bn borrowings, £460m expires in September. This debt prompted Stagecoach to make its move. With the share price weighed down by refinancing concerns, there may never be a cheaper time to buy.