Resimac jumps ahead in RHG bid war

by AB21 Oct 2013

Resimac has once more pushed its way in front of Pepper as preferred bidder in the war to acquire RHG.

The non-bank lender, in conjunction with the Australian Mortgage Acquisition Company, has increased its cash offer to 50.1 cents per share, up from its original offer –in May, this year – of 43 cents per share.

Last month, Resimac attempted to take Pepper and Cadence Capital to the Takeovers Panel, claiming Cadence Capital would have stood to benefit at the expense of other RHG shareholders, should the Pepper bid be accepted.

The Takeovers Panel rejected the application, however, with the board claiming that “there was no reasonable prospect that it would make a declaration of unacceptable circumstances or the final orders sought.”