RHG enters voluntary suspension

Lender continues talks about takeover offer from Resimac-AMAC syndicate

Shares in RHG (RHG) have been placed in voluntary suspension at the company's request, while discussions continue about a takeover offer from the Resimac and Australian Mortgage Acquisition Company Pty syndicate.

In a statement to the Australian Securities Exchange in morning trade, RHG asked for the suspension to continue until the release of announcement which is expected at midday.

The group entered a trading halt on Tuesday morning, which it requested until the start of trade this morning, saying it had received a further takeover proposal from the Resimac syndicate.

The target last week received an addendum to a rival takeover bid from Pepper Australia and Cadence Capital (CDM).

Pepper and Cadence said they would give eligible shareholders the chance to sell unmarketable parcels of Cadence shares without brokerage costs, and to top up their holdings of Cadence shares free of brokerage.

The RHG board has already accepted the Resimac syndicate's earlier takeover offer to acquire all shares in RHG for cash consideration of 49.5 cents per share, but Pepper and Cadence say their counterproposal of 50.8 cents per share is superior.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles