RHG battle heads to panel THE long running battle for RHG, the home loans business founded by John Kinghorn, looks set to be decided by the Takeovers Panel, after non-bank lender Resimac initiated plans to head to the adjudicator. After a recent rise in tensions, Resimac and Australian Mortgage Acquisition Company today advised it would submit an application to the panel in relation to a rival offer from Pepper Australia and Cadence Capital. The panel is a government body tasked with deciding takeover disputes. Resimac is offering 49.5 cents-a-share cash for RHG, formerly Rams Home Loans, with investment banker Trevor Loewensohn through his vehicle AMAC. Shareholders have been confronted with a rival bid from Pepper and Cadence, RHG's largest shareholder, offering 36c cash and shares in Cadence on a one-for-10 basis, which it argues is superior. Resimac, however, has claimed its bid offers shareholders more certainty than they would gain from receiving "very illiquid" Cadence stock. Resimac has also claimed under the Pepper proposal, Cadence would receive preferential treatment for its shares in RHG given it could receive 100 per cent cash. But Cadence has said it will not support Resimac's offer, creating a stalemate given Resimac would be restricted from achieving compulsory acquisition by surpassing 90 per cent of RHG's stock. Cadence owns about 18 per cent of RHG. RHG today said it was still assessing Pepper and Cadence's competing offer, after previously backing Resimac's bid. "RHG expects that either offer will require a revision to the current timetable," the company said. In addition, both proposals are via scheme of arrangements, which will require a shareholder vote. RHG, founded by Mr Kinghorn before the RAMS brand was sold to Westpac in 2007, does not write new loans and is running off its $2.1 billion mortgage book, offering suitors cash flow and scale.