The board of RHG issued a statement yesterday, saying it had formed a view that the value of the latest takeover bid from the Resimac syndicate was higher than the "implied value" of the rival bid from the Pepper Australia syndicate. Resimac and the Australian Mortgage Acquisition Company have made an all-cash offer of 49.5 cents a share. The rival bid is estimated to be worth 49.65 cents a share but is made up of cash and shares in Cadence Capital (CDM). In its statement to the Australian Securities Exchange, the RHG board said the Resimac syndicate bid provided more "value certainty" for non-CDM RHG shareholders.