Last month, the Paloma management picked the Polish equity fund to provide EUR 15m in fresh capital in what would be the first stage leading to the company's privatisation.

The majority owner, Slovenian Sovereign Holding (SSH), also signed an accord with Abris pledging to back its recapitalisation, unless a counter-proposal is made trumping Abris's offer of EUR 3.30 per share.

Now the minor shareholders' representative Nevena Tea Gorjup submitted a counter-proposal under which the recapitalisation be provided by Eco-Invest at a reported price of EUR 3.51 per share.

Gorjup argues the selection procedure was opaque, claiming she has documents showing Eco-Invest had actively participated in the bidding from the start, but was not afforded the right to perform due diligence, nor invited to submit a binding bid or negotiate a change in bidding terms.

Apart from offering a higher price per share, Gorjup also argues that Eco-Invest as an industry buyer with connections and part of the Mondi group is a better choice than Abris.