MORTGAGE business Pepper has launched a late takeover bid for RHG, formerly RAMS Home Loans, just two days after lender Resimac reached a deal to buy the company.
Pepper has put an offer to the RHG board which would see investors paid 46 cents a share, valuing the company at $142 million.
The offer is 1.9 cents a share higher than a takeover offer from mortgage business Resimac, which the RHG board recommended to investors on Monday.
RHG has also said its shareholders will receive a three cent fully franked dividend, so the Pepper offer would see investors paid a total of 49 cents a share.
RHG shares were up 2.75 cents at 49.25 cents at 1448 AEST.
The company says it is assessing Pepper's bid, but under its agreement signed earlier this week, Resimac is entitled to provide a counterproposal.
The Resimac deal also includes a $1.2 million break fee.
Pepper chief executive Patrick Tuttle said RHG's mortgage book would fit well with its existing assets.
"The RHG acquisition will be immediately earnings accretive for Pepper and will further expand our activities into select segments of the prime residential lending market," he said.
RAMS was floated on the Australian stock market in 2007, and bought by Westpac after being badly affected by the US subprime mortgage crisis.
The company's remaining mortgage book was rebranded as RHG.
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