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Resimac has emerged victorious after battling Pepper for the past two months for the acquisition of the former RAMS loan book, RHG.
RHG accepted the final offer from Resimac, which will see the lender acquire all of the issued shares in RHG for an all cash consideration of 50.1 cents per RHG share.
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However, Pepper’s co-group CEO, Patrick Tuttle, appeared bitter about the decision, claiming that at no point did RHG appear interested in the offer from Pepper.
“Despite our belief that the Pepper offer remains clearly superior to the revised offer made by the Resimac syndicate last Friday, the RHG board has decided to approve it within three days of its receipt, despite having been in possession of the latest Pepper offer since 6 September.
“For a period of nearly six weeks the RHG board has made no attempt to engage with Pepper in any meaningful way,” said Mr Tuttle.
“In fact, Pepper has not once met with any of RHG’s independent directors since competition for control of the company began over six months ago.”
But it’s not all doom and gloom for Pepper, who successfully acquired a retail bank in South Korea early last week.
