Pepper Stages RHG Bid War With $130M Buyout Offer

Law360, New York (July 10, 2013, 2:30 PM EDT) -- Mortgage lender Pepper Australia lobbed a 142 million Australian dollar ($130 million) takeover offer at rival RHG Ltd. on Wednesday, setting the stage for a bid war just two days after the target had signed off on a separate buyout bid from Resimac Ltd., another lender.

Under the terms of Pepper's offer, RHG investors would receive a AU$0.46-per-share payout, roughly 2 cents more than the consideration offered by Resimac and approved by RHG's board earlier this week.

The target, which provides home loans to customers across...
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