The Takeovers Panel has rejected an approach from one of RHG's bidders, Resimac, to deal with a complaint that the structure of a rival bid is inequitable.The panel announced yesterday that it had declined to conduct proceedings regarding an application from Resimac and the Australian Mortgage Acquisition Company in relation to the affairs of RHG.Resimac applied to the panel last month, seeking an order to prevent Cadence Capital, which is a member of the rival Pepper syndicate, from voting against the Resimac offer.Resimac complained that Cadence is in the unique position among RHG shareholders of being eligible to receive an all-cash consideration under the Pepper takeover proposal.Resimac sought an order from the Takovers Panel "to ensure that all other RHG shareholders get a fair opportunity to consider the superior Resimac offer."Resimac also sought an order requiring Cadence to provide clarity on a possible buy back of Cadence shares under the Pepper plan.Takeover Panel director Allan Bulman said in a media release: "The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances of the final orders sought. "One of the reasons the Panel reached this conclusion was that it did not think it would make an order preventing Cadence from voting on a scheme under which its shares could be expropriated."Resimac has made an all-cash offer of 49.5 cents a share for RHG, which manages a $2 billion book of mortgages in run-off.Pepper's bid is made up of a cash offer of 36 cents a share plus one fully paid ordinary share in Cadence Capital for every 10 ordinary shares in RHG. Based on the Cadence Capital share price at the time the offer was made, the Pepper offer is worth 50.8 cents a share.