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A clash between shareholders has cast doubt over a $120 million takeover bid for PaperlinX Limited (ASX:PPX) from a private equity consortium.

The Australian paper manufacturer received an incomplete, conditional and non-binding proposal from an unnamed bidder last month.



The company’s hybrid and equity holders are reportedly in conflict though, regarding the amount they are set to receive.



According to the Australian Financial Review equity holders would receive $55 million and hybrid holders would receive $62 million.



Some hybrid holders have told to the paper they should qualify for a larger portion of the offer and as a result the current offer will not get the go-ahead.



PaperlinX reported a net loss of $108 million in the 2011 financial year.