RHG’s Limited
(ASX:RHG) board has unanimously recommended a takeover bid from a syndicate including Resimac and Australian Mortgage Acquisition Company.
RHG says it has recommended the bid in the absence of a better proposal and subject to an independent expert concluding that the offer was in the best interests of RHG shareholders.
RHG, formerly RAMS Home Loans, has entered into a merger implementation deed with the syndicate, that will see it acquire 100 per cent of all ordinary RHG shares for a cash consideration of 44.1 cents per share.
RHG also confirmed its intention to pay a fully-franked dividend of three cents per share.
RHG says the combined payment of 47.1 cents per share represented a 17.8 per cent premium on the closing price of RHG shares on July 5.
RHG generated a net profit of $16.1 million in the first half of fiscal 2013.
