The RG Capital board is set to meet key minority shareholders this week to try to market the $173 million offer from Macquarie Bank.

The news comes amid speculation Macquarie’s new media fund is set to test cross-media ownership rules, according to The Australian Financial Review.

Some minority shareholders, including Perpetual Investments with almost 14%, say the takeover premium in the bid is slim. The offer is unlikely to be increased from $3 a share, in the absence of a higher one.

Potential counter bidders include WA Newspapers, Rural Press and Macquarie Radio, but analysts think a rival bid is unlikely.

RG Capital Chairman, Brian Bickmore, says the break fee of up to $2.5 million will not affect chances of a higher offer or have to be paid if shareholders reject the scheme.

Speculation is increasing over which assets the Macquarie fund will target, as most newspapers and television stations are subject to cross-media ownership restrictions.