Atterbury Property Group identified a compelling strategic acquisition opportunity when Coronation Asset Management Proprietary Limited informed Atterbury Property Group that it was considering the disposal of its significant shareholding in RMH. RMH, with its rich South African corporate heritage spanning more than 30 years and its significant portfolio of property assets, represented an attractive investment opportunity aligned with Atterbury Property Group’s long-term strategic objectives.

To pursue this opportunity, Atterbury Property Group, together with the newly established AttBid (Pty) Ltd as its concert party, required a trusted transaction adviser with the experience and capability to navigate the complexities of a listed-company takeover. The transaction involved acquiring a strategic stake in RMH, structuring and implementing a compliant public offer, managing multiple stakeholders, and navigating the extensive regulatory, commercial and execution considerations associated with a transaction subject to Takeover Regulations and JSE Listing Requirements.

Success required a partner capable of combining strategic insight, transaction structuring expertise, disciplined execution and stakeholder management to deliver a successful outcome in a highly regulated environment.

Pallidus successfully delivered on its advisory mandate, enabling AttBid and the Atterbury Property Group to secure a majority shareholding in RMH through a successful JSE-listed takeover.

The transaction commenced with the acquisition of a 32.77% strategic stake in RMH, followed by the launch of a compliant general offer to shareholders, which subsequently became a mandatory offer under the applicable takeover regulations. The successful completion of the transaction marked a significant milestone in RMH’s evolution and represented the culmination of its monetisation strategy following the 2020 unbundling of FirstRand.

Pallidus worked alongside AttBid and the Atterbury Property Group to design, structure and execute a comprehensive acquisition strategy. Throughout the process, Pallidus provided end-to-end corporate finance and transaction advisory services, helping our client navigate a complex transaction while maintaining alignment amongst key stakeholders.

Beyond the transaction itself, the outcome positioned AttBid and the Atterbury Property Group to steward the next chapter of RMH’s development, while demonstrating Pallidus’ ability to originate, structure and execute intricate, high-impact corporate finance solutions that help clients achieve their long-term strategic objectives. 

Pallidus is proud to have advised AttBid and its concert parties, including the Atterbury Property Group, on a series of transactions culminating in the successful acquisition of a controlling interest in RMB Holdings Limited (“RMH”), a company with a rich South African corporate history spanning more than three decades and a legacy as one of the country’s most recognised investment holding companies.

The transaction reflects Pallidus’ commitment to partnering with exceptional management teams and long-term capital allocators to unlock strategic opportunities, navigate complexity, and create enduring value.

Our role extended beyond traditional transaction advisory. Working closely with the AttBid and Atterbury teams, Pallidus provided strategic guidance throughout the entire transaction lifecycle, from the initial acquisition of a strategic stake in RMH through to the successful completion of the takeover process. This involved navigating a highly regulated environment, coordinating multiple stakeholders, managing transaction risk, and ensuring full compliance with applicable JSE and regulatory requirements. 

The successful outcome demonstrates the value of combining deep corporate finance expertise with trusted relationships, disciplined execution and innovative transaction structuring. Through close collaboration with our clients, we were able to help position the transaction to achieve its strategic objectives while maintaining alignment amongst a broad range of stakeholders.

RMH occupies a unique place in South Africa’s corporate landscape. Originally established as the investment vehicle that played a pivotal role in the growth and development of the broader FirstRand ecosystem,

RMH has been involved in some of the country’s most significant corporate transactions and value creation initiatives over the past three decades. Following the unbundling of its FirstRand shareholding and its subsequent strategic repositioning, the AttBid transaction ensures alignment between RMH and Atterbury and represents a meaningful milestone in the company’s ongoing evolution.

At Pallidus, we believe that exceptional outcomes are achieved through long-term partnerships, thoughtful structuring and a relentless focus on client objectives. This transaction highlights our ability to originate, structure and execute complex corporate finance solutions in regulated environments while helping clients to create sustainable long-term value.

The RMH transaction demonstrates Pallidus’ capability to advise on transformative listed-company transactions and reinforces our position as a trusted partner to entrepreneurs, corporates, investors and management teams seeking to execute high-impact strategic initiatives.