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Mining magnate Gina Rinehart is likely to succeed in wresting control of Fairfax Media, but it could take at least six months of manoeuvring, an academic says.

Mrs Rinehart's company Hancock Prospecting Pty Ltd (HPPL) on Monday said unless Fairfax offers her board positions without 'unsuitable conditions,' she would be unable to assist Fairfax at this time.

'Hancock Prospecting may hence sell its interest, and may consider repurchasing at some other time,' HPPL said in a statement.

UNSW Australian School of Business lecturer Michael Peters says some people would ask questions if the largest shareholder of a business walked away and the share price fell, only to have the same investor re-appear to buy the shares.

Mrs Rinehart holds about 18 per cent of Fairfax stock and she is seeking as many as three board seats.

But on Wednesday Fairfax chairman Roger Corbett knocked back a request from Mrs Rinehart's for a board seat, saying the board could not reach agreement with her on the issue of Fairfax's charter of editorial independence and other board governance principles.

Existing directors are keen for her to sign a charter of editorial independence before any offer of a board position is made.

'It's got a minimum of another six months to play out, but I suspect she'll end up with the lot if the shareholders lose confidence,' Mr Peters told AAP.

He added that it would be unacceptable for Ms Rinehart to threaten to sell her shares if she was not given board seats.

'Someone's obviously drafted it (the statement) so that the Fairfax directors sit back and say, wow, she'll be back,' Mr Peters said.

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Rinehart could control Fairfax soon