Competition Commission Approves WeBuyCars Founders’ Bid To Acquire And Delist Property Giant RMB Holdings

WeBuyCars founders get the green light for a 654 million rand takeover of RMB Holdings. RMH to delist from the JSE by June 2026.

By: AXL Media

Published: Apr 16, 2026, 9:10 AM EDT

Source: Information for this report was sourced from Daily Investor

Unconditional Regulatory Approval For AttBid Offer

The Competition Commission officially approved AttBid’s offer to acquire JSE-listed RMB Holdings on April 14, 2026. AttBid, a special-purpose vehicle 51 percent owned by Faan and Dirk van der Walt and 49 percent by Atterbury Property Fund, received the green light without any restrictive conditions. This regulatory milestone fulfills a critical prerequisite for the implementation of the deal, allowing the Van der Walt brothers to move forward with their plan to take RMH private. The acquisition represents a significant consolidation of the Atterbury property portfolio, as RMH’s primary remaining asset is its 38.5 percent stake in Atterbury.

Monetization Strategy Reaches Final Stages

For RMH, this transaction marks the conclusion of a monetization process that began in 2019 following its unbundling from FirstRand. The company has spent several years attempting to divest its various property interests in a challenging market environment. By recommending the AttBid offer, the RMH board aims to provide shareholders with immediate liquidity and a certain exit path, rather than continuing to navigate the operational costs and complexities of remaining a listed entity. The move to delist is seen as the final step in RMH’s long-term strategy to return value to its investors through the disposal of its last major property holdings.

Transaction Mechanics And Shareholder Options

The offer presented to RMH shareholders is set at 0.47 rand per share, valuing the company at 654.68 million rand. This price represents a minimal premium over the market value at the time of the announcement, a factor the board attributed to the historical difficulty of selling property assets and the substantial capital required for Atterbury’s future expansion. AttBid currently holds over 10 percent of RMH’s issued shares, while Atterbury Property Fund holds 32.77 percent, giving the acquiring group a combined control of nearly 43 percent. The final day for shareholders to trade in order to participate in the offer is May 26, 2026.