The Resimac-led syndicate bidding for RHG has launched an attack on the rival offer from the syndicate led by Pepper Australia, saying it is "highly conditional" and favours shareholders in one of the members of the bidding syndicate, Cadence Capital.Resimac has also suggested that the Pepper bid would be subject to regulatory intervention.Earlier this week, the Pepper syndicate revised its bid for RHG and is now offering cash and shares worth an estimated 50.8 cents a share.The bid is made up of a cash offer of 36 cents a share plus one fully-paid ordinary in Cadence Capital for every 10 ordinary shares in RHG. The closing price of Cadence Capital shares on Friday was $1.48 and based on that price the offer is worth 50.8 cents a share.In a statement issued yesterday, Resimac said the Pepper's bid failed to deliver "certain value". It said that, based on Cadence's net tangible asset value, the bid is worth 49.88 cents a share.Resimac's offer, which has been recommended by the RHG board, is an all-cash offer of 49.5 cents a share.RHG manages a $2.1 billion mortgage portfolio. The company has not made a new loan since 2008 and the book is in runoff. It made a net profit of A$30.3 million in the year to June.In its statement, Resimac said Cadence shareholders would receive all cash under the Pepper bid, giving them preferential treatment.Resimac also said that the Pepper bid risked regulatory intervention, "arising from the collateral benefits to Cadence and lack of clarity on aspects of the proposal (for example, the buyback that Cadence says it "may" conduct at an unspecified price only if its shares trade at a a material discount to NTA)."Resimac said there was no firm commitment to conduct a buyback of the Cadence shares to be issued in the Pepper merger proposal.