The battle for Amaysim has taken another extraordinary turn, as obscure Sydney-based hedge fund RAMCap has vowed to go directly to shareholders with its bid after the board of the $220 million telco refused to engage with an earlier offer.

The bid will rival an existing bid by Geoff Wilson's WAM Capital, which already has board approval. It had looked like a done deal before RAMCap made its surprise approach just before Christmas, which the board batted away.