RHG accepts sweetened Resimac takeover bid

Board recommends increased counter proposal after last week's rival Pepper offer.

The RHG Ltd board has accepted a sweetened takeover bid from a syndicate led by Resimac Ltd, put by the group to counter a rival offer from mortgage lender Pepper Australia Pty Ltd. 

In a statement to the Australian Securities Exchange, RHG said it had accepted a counter proposal from the Resimac syndicate of 48 cents per share, an increase of 3.9 cents per share over the original offer (see Tom Elliott's RHG bid may need a top-up).

The board last week recommended a takeover bid from the syndicate, which also includes Australian Mortgage Acquisition Company Pty Ltd, before Pepper Australia launched a rival offer of 46 cents per share.

The company's shares were placed in trading halt this morning as the group executed the revised merger implementation deed.