AttBid advances RMH takeover after boosting stake to 42.44%

AttBid Proprietary Limited, controlled by South African entrepreneurs Faan and Dirk van der Walt, has advanced its bid to acquire RMB Holdings Limited (RMH) after lifting its combined stake to 42.44%.

The circular, released on April 8, 2026, follows a series of share purchases in March and outlines AttBid’s proposal to purchase all remaining RMH shares not already held by its affiliate, Atterbury Property Fund Proprietary Limited, or RMH-controlled entities, with the distribution of a combined circular detailing the terms of its mandatory offer to shareholders.

Mandatory offer and timeline
The offer, detailed in a circular released on April 8, opens on April 9 and is expected to close on May 29, subject to extension. Results are scheduled for release on June 1. Shareholders who accept the offer early may begin receiving payments from May 19, pending regulatory approvals.

The circular includes an independent expert report and recommendations from RMH’s independent board. RMH Holdings will also be delisted from the JSE after its board agreed to the offer from AttBid, owned by the WeBuyCars Brothers.

Strategic consolidation by van der Walt brothers
The development comes as South African brothers Faan van der Walt and Dirk van der Walt deepen their influence over RMH through AttBid. The duo recently acquired 3.42 million RMH shares in a series of transactions executed between March 23 and March 27, 2026, at R0.47 per share. The purchases lifted AttBid’s direct stake to 9.67%.

Combined with a 32.77% holding via Atterbury Property Fund, the brothers now control approximately 42.44% of RMH, consolidating their position as dominant shareholders.

Building control through steady accumulation
The stepwise acquisitions, spanning both on-market and off-market trades, underscore a calculated strategy to strengthen long-term control over RMH’s operations and strategic direction.

The transactions were disclosed to South Africa’s Takeover Regulation Panel in line with regulatory requirements, reinforcing transparency around the evolving ownership structure.

Caution lifted as deal progresses
For the Van der Walt brothers, South African entrepreneurs and co-founders of WeBuyCars, with over 24 years of experience in the automotive industry. They are known for building WeBuyCars into one of South Africa’s leading automotive platforms. The move marks a deeper push into capital markets and long-term asset ownership.

Adriaan Stephanus Scheepers van der Walt, alongside his brother co-founded of WeBuyCars

With the circular now in circulation, RMH has withdrawn its earlier cautionary announcement, signaling increased certainty around the transaction. Shareholders are no longer required to exercise caution when trading RMH shares.

The proposed acquisition marks a pivotal moment for RMH, as AttBid, backed by the van der Walt brothers, moves closer to consolidating control of the investment holding firm amid a broader strategic repositioning.