The Trust Company, which oversees Paperlinx’s hybrid securities, issued a statement on Tuesday to remind people that an orderly process was being followed regarding any proposed takeover.

The statement responded to “media commentary” around Paperlinx’s announcement on 23 December that it had received “an incomplete, indicative, conditional and non-binding proposal” from a private equity firm.

Mainstream media reports have suggested discord between security holders and Paperlinx, particularly around the valuation of the company.

The Trust Company said it was in dialogue with Paperlinx, despite there being no guarantee a final offer would ever be received.

Paperlinx executive general manager corporate affairs James Orr told ProPrint it would be wrong to describe the private equity firm’s approach as a takeover bid.

“It’s not an offer – it’s a proposal that’s been put that we advised the market of.”

Orr said there was no deadline for the private equity firm to finalise any bid.

The 23 December announcement also revealed Paperlinx had received “separate proposals to acquire parts of its business”.

Orr said he couldn’t reveal how many companies had made proposals.

The Trust Company’s corporate affairs manager, Debbie Fogerty, said she was unable to comment on Tuesday’s statement.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter