I suspect shareholders would take a lower price than that considered acceptable by the board - but the preference shareholders have the whip hand in any sale, as a condition of their securities is that they get $100 in any 'change of control' event." Paperlinx said that the proposal to acquire the entire company was contingent on a range of factors such as due diligence and that it was uncertain any such deal would even be put to shareholders. Paperlinx executive vice president of Dave Allen said that a 'whole of company' sale would need shareholder approval, but that any sale of part of the company would be decided at board level.