ATTBID (Pty) Ltd And RMB Holdings Ltd

The judgment

The court's own file

1 COMPETITION TRIBUNAL COMPETITION TRIBUNAL REPUBLIC OF SOUTH AFRICAREPUBLIC OF SOUTH AFRICAREPUBLIC OF SOUTH AFRICA Case No.: LM200Mar26 In the large merger between:In the large merger between:In the large merger between: AttBid Proprietary LimitedAttBid Proprietary Limited Primary Acquiring FirmPrimary Acquiring Firm And RMB Holdings LimitedRMB Holdings Limited Primary Target Firm Primary Target Firm Introduction [1]On 14 April 2026, the Competition Tribunal (“Tribunal”) unconditionally approved On 14 April 2026, the Competition Tribunal (“Tribunal”) unconditionally approved On 14 April 2026, the Competition Tribunal (“Tribunal”) unconditionally approved On 14 April 2026, the Competition Tribunal (“Tribunal”) unconditionally approved On 14 April 2026, the Competition Tribunal (“Tribunal”) unconditionally approved On 14 April 2026, the Competition Tribunal (“Tribunal”) unconditionally approved On 14 April 2026, the Competition Tribunal (“Tribunal”) unconditionally approved the large merger in terms of which AttBid (Pty) Ltd (“AttBid”) intends to make an the large merger in terms of which AttBid (Pty) Ltd (“AttBid”) intends to make an the large merger in terms of which AttBid (Pty) Ltd (“AttBid”) intends to make an the large merger in terms of which AttBid (Pty) Ltd (“AttBid”) intends to make an the large merger in terms of which AttBid (Pty) Ltd (“AttBid”) intends to make an the large merger in terms of which AttBid (Pty) Ltd (“AttBid”) intends to make an the large merger in terms of which AttBid (Pty) Ltd (“AttBid”) intends to make an offer 1 to acquire all the shares in RMB Holdings Limited (“RMH”), except for the to acquire all the shares in RMB Holdings Limited (“RMH”), except for the to acquire all the shares in RMB Holdings Limited (“RMH”), except for the to acquire all the shares in RMB Holdings Limited (“RMH”), except for the to acquire all the shares in RMB Holdings Limited (“RMH”), except for the to acquire all the shares in RMB Holdings Limited (“RMH”), except for the shares currently held by Atterbury Property Fund (Pty) Ltd (“Atterbury Property shares currently held by Atterbury Property Fund (Pty) Ltd (“Atterbury Property shares currently held by Atterbury Property Fund (Pty) Ltd (“Atterbury Property shares currently held by Atterbury Property Fund (Pty) Ltd (“Atterbury Property shares currently held by Atterbury Property Fund (Pty) Ltd (“Atterbury Property shares currently held by Atterbury Property Fund (Pty) Ltd (“Atterbury Property shares currently held by Atterbury Property Fund (Pty) Ltd (“Atterbury Property Fund”) and the treasury shares held by any subsidiary and/or trust controlled by Fund”) and the treasury shares held by any subsidiary and/or trust controlled by Fund”) and the treasury shares held by any subsidiary and/or trust controlled by Fund”) and the treasury shares held by any subsidiary and/or trust controlled by Fund”) and the treasury shares held by any subsidiary and/or trust controlled by Fund”) and the treasury shares held by any subsidiary and/or trust controlled by RMH. Post-merger, AttBid will have control over RMH and indirectly control RMH. Post-merger, AttBid will have control over RMH and indirectly control RMH. Post-merger, AttBid will have control over RMH and indirectly control RMH. Post-merger, AttBid will have control over RMH and indirectly control RMH. Post-merger, AttBid will have control over RMH and indirectly control RMH. Post-merger, AttBid will have control over RMH and indirectly control RMH. Post-merger, AttBid will have control over RMH and indirectly control Atterbury Property Fund. Atterbury Property Fund. Panel A Wessels (Presiding Member)A Wessels (Presiding Member)A Wessels (Presiding Member) A Ndoni (Tribunal Member) A Ndoni (Tribunal Member) A Ndoni (Tribunal Member) T Vilakazi (Tribunal Member)T Vilakazi (Tribunal Member)T Vilakazi (Tribunal Member) Heard on 14 April 2026 Order issued onOrder issued on 14 April 2026 Reasons issued onReasons issued on 28 April 2026 1 The offer will result in AttBid holding approximately 67.23% in RMH, in addition to its current The offer will result in AttBid holding approximately 67.23% in RMH, in addition to its current The offer will result in AttBid holding approximately 67.23% in RMH, in addition to its current The offer will result in AttBid holding approximately 67.23% in RMH, in addition to its current The offer will result in AttBid holding approximately 67.23% in RMH, in addition to its current The offer will result in AttBid holding approximately 67.23% in RMH, in addition to its current shareholding in RMH of 7.29%.shareholding in RMH of 7.29%. 2 [2]The primary acquiring firm is AttBid, which is not controlled by any firm. Its The primary acquiring firm is AttBid, which is not controlled by any firm. Its The primary acquiring firm is AttBid, which is not controlled by any firm. Its The primary acquiring firm is AttBid, which is not controlled by any firm. Its The primary acquiring firm is AttBid, which is not controlled by any firm. Its The primary acquiring firm is AttBid, which is not controlled by any firm. Its shareholders are: (i) Atterbury Property Fund (49.0%), (ii) I Faan (Pty) Ltd shareholders are: (i) Atterbury Property Fund (49.0%), (ii) I Faan (Pty) Ltd shareholders are: (i) Atterbury Property Fund (49.0%), (ii) I Faan (Pty) Ltd shareholders are: (i) Atterbury Property Fund (49.0%), (ii) I Faan (Pty) Ltd shareholders are: (i) Atterbury Property Fund (49.0%), (ii) I Faan (Pty) Ltd shareholders are: (i) Atterbury Property Fund (49.0%), (ii) I Faan (Pty) Ltd (25.5%), and (iii) I Dirk (Pty) Ltd (25.5%). AttBid is a newly incorporated (25.5%), and (iii) I Dirk (Pty) Ltd (25.5%). AttBid is a newly incorporated (25.5%), and (iii) I Dirk (Pty) Ltd (25.5%). AttBid is a newly incorporated (25.5%), and (iii) I Dirk (Pty) Ltd (25.5%). AttBid is a newly incorporated (25.5%), and (iii) I Dirk (Pty) Ltd (25.5%). AttBid is a newly incorporated (25.5%), and (iii) I Dirk (Pty) Ltd (25.5%). AttBid is a newly incorporated investment vehicle established with the aim of acquiring control over RMH. investment vehicle established with the aim of acquiring control over RMH. investment vehicle established with the aim of acquiring control over RMH. investment vehicle established with the aim of acquiring control over RMH. investment vehicle established with the aim of acquiring control over RMH. investment vehicle established with the aim of acquiring control over RMH. investment vehicle established with the aim of acquiring control over RMH. AttBid does not have any subsidiaries. AttBid does not have any subsidiaries. AttBid does not have any subsidiaries. [3]The primary target firm is RMH, a public company listed on the Johannesburg The primary target firm is RMH, a public company listed on the Johannesburg The primary target firm is RMH, a public company listed on the Johannesburg The primary target firm is RMH, a public company listed on the Johannesburg The primary target firm is RMH, a public company listed on the Johannesburg The primary target firm is RMH, a public company listed on the Johannesburg Stock Exchange (“JSE”) and is not controlled by any of its shareholders. RMH’s Stock Exchange (“JSE”) and is not controlled by any of its shareholders. RMH’s Stock Exchange (“JSE”) and is not controlled by any of its shareholders. RMH’s Stock Exchange (“JSE”) and is not controlled by any of its shareholders. RMH’s Stock Exchange (“JSE”) and is not controlled by any of its shareholders. RMH’s Stock Exchange (“JSE”) and is not controlled by any of its shareholders. RMH’s controlling interest of 38.5% in Atterbury Property Holdings (Pty) Ltd (“APH”) is controlling interest of 38.5% in Atterbury Property Holdings (Pty) Ltd (“APH”) is controlling interest of 38.5% in Atterbury Property Holdings (Pty) Ltd (“APH”) is controlling interest of 38.5% in Atterbury Property Holdings (Pty) Ltd (“APH”) is controlling interest of 38.5% in Atterbury Property Holdings (Pty) Ltd (“APH”) is controlling interest of 38.5% in Atterbury Property Holdings (Pty) Ltd (“APH”) is controlling interest of 38.5% in Atterbury Property Holdings (Pty) Ltd (“APH”) is relevant to the proposed transaction. APH controls Atterbury Property (Pty) Ltd, relevant to the proposed transaction. APH controls Atterbury Property (Pty) Ltd, relevant to the proposed transaction. APH controls Atterbury Property (Pty) Ltd, relevant to the proposed transaction. APH controls Atterbury Property (Pty) Ltd, relevant to the proposed transaction. APH controls Atterbury Property (Pty) Ltd, relevant to the proposed transaction. APH controls Atterbury Property (Pty) Ltd, relevant to the proposed transaction. APH controls Atterbury Property (Pty) Ltd, which in turn controls Atterbury Property Fund. APH and its subsidiaries will which in turn controls Atterbury Property Fund. APH and its subsidiaries will which in turn controls Atterbury Property Fund. APH and its subsidiaries will which in turn controls Atterbury Property Fund. APH and its subsidiaries will which in turn controls Atterbury Property Fund. APH and its subsidiaries will which in turn controls Atterbury Property Fund. APH and its subsidiaries will which in turn controls Atterbury Property Fund. APH and its subsidiaries will collectively be referred to as the “Atterbury Group”. collectively be referred to as the “Atterbury Group”. collectively be referred to as the “Atterbury Group”. collectively be referred to as the “Atterbury Group”. [4]RMH is an investment holding company that is focused on the South African RMH is an investment holding company that is focused on the South African RMH is an investment holding company that is focused on the South African RMH is an investment holding company that is focused on the South African RMH is an investment holding company that is focused on the South African RMH is an investment holding company that is focused on the South African property sector. Atterbury Group is a real estate development, investment, and property sector. Atterbury Group is a real estate development, investment, and property sector. Atterbury Group is a real estate development, investment, and property sector. Atterbury Group is a real estate development, investment, and property sector. Atterbury Group is a real estate development, investment, and property sector. Atterbury Group is a real estate development, investment, and management group. It owns, manages and operates the Atterbury Property management group. It owns, manages and operates the Atterbury Property management group. It owns, manages and operates the Atterbury Property management group. It owns, manages and operates the Atterbury Property management group. It owns, manages and operates the Atterbury Property management group. It owns, manages and operates the Atterbury Property Portfolio offering services such as asset and property management, Portfolio offering services such as asset and property management, Portfolio offering services such as asset and property management, Portfolio offering services such as asset and property management, Portfolio offering services such as asset and property management, Portfolio offering services such as asset and property management, development, corporate and leasing. development, corporate and leasing. development, corporate and leasing. [5]The Atterbury Property Portfolio comprises of approximately 37 retail, The Atterbury Property Portfolio comprises of approximately 37 retail, The Atterbury Property Portfolio comprises of approximately 37 retail, The Atterbury Property Portfolio comprises of approximately 37 retail, The Atterbury Property Portfolio comprises of approximately 37 retail, The Atterbury Property Portfolio comprises of approximately 37 retail, commercial and industrial properties located in Gauteng, the Western Cape, commercial and industrial properties located in Gauteng, the Western Cape, commercial and industrial properties located in Gauteng, the Western Cape, commercial and industrial properties located in Gauteng, the Western Cape, commercial and industrial properties located in Gauteng, the Western Cape, commercial and industrial properties located in Gauteng, the Western Cape, Namibia and Mozambique.Namibia and Mozambique.Namibia and Mozambique. Competition assessmentCompetition assessment [6]The Competition Commission (“Commission”) assessed the activities of the The Competition Commission (“Commission”) assessed the activities of the The Competition Commission (“Commission”) assessed the activities of the The Competition Commission (“Commission”) assessed the activities of the The Competition Commission (“Commission”) assessed the activities of the The Competition Commission (“Commission”) assessed the activities of the merger parties and concluded that there is no horizontal overlap because both merger parties and concluded that there is no horizontal overlap because both merger parties and concluded that there is no horizontal overlap because both merger parties and concluded that there is no horizontal overlap because both merger parties and concluded that there is no horizontal overlap because both merger parties and concluded that there is no horizontal overlap because both parties ultimately hold interests in the Atterbury Property Portfolio. Therefore, the parties ultimately hold interests in the Atterbury Property Portfolio. Therefore, the parties ultimately hold interests in the Atterbury Property Portfolio. Therefore, the parties ultimately hold interests in the Atterbury Property Portfolio. Therefore, the parties ultimately hold interests in the Atterbury Property Portfolio. Therefore, the parties ultimately hold interests in the Atterbury Property Portfolio. Therefore, the parties ultimately hold interests in the Atterbury Property Portfolio. Therefore, the proposed transaction does not entail the consolidation of competing property proposed transaction does not entail the consolidation of competing property proposed transaction does not entail the consolidation of competing property proposed transaction does not entail the consolidation of competing property proposed transaction does not entail the consolidation of competing property proposed transaction does not entail the consolidation of competing property proposed transaction does not entail the consolidation of competing property portfolios, but rather a restructuring of indirect shareholding interests within the portfolios, but rather a restructuring of indirect shareholding interests within the portfolios, but rather a restructuring of indirect shareholding interests within the portfolios, but rather a restructuring of indirect shareholding interests within the portfolios, but rather a restructuring of indirect shareholding interests within the portfolios, but rather a restructuring of indirect shareholding interests within the same group. 3 [7]Consequently, there will be no change to the properties in any relevant product Consequently, there will be no change to the properties in any relevant product Consequently, there will be no change to the properties in any relevant product Consequently, there will be no change to the properties in any relevant product Consequently, there will be no change to the properties in any relevant product Consequently, there will be no change to the properties in any relevant product Consequently, there will be no change to the properties in any relevant product or geographic market, and the ownership and management of the Atterbury or geographic market, and the ownership and management of the Atterbury or geographic market, and the ownership and management of the Atterbury or geographic market, and the ownership and management of the Atterbury or geographic market, and the ownership and management of the Atterbury or geographic market, and the ownership and management of the Atterbury Property Portfolio will continue with the same operating entity. Property Portfolio will continue with the same operating entity. Property Portfolio will continue with the same operating entity. Property Portfolio will continue with the same operating entity. Property Portfolio will continue with the same operating entity. [8]The proposed transaction will not result in any vertical overlaps.The proposed transaction will not result in any vertical overlaps.The proposed transaction will not result in any vertical overlaps.The proposed transaction will not result in any vertical overlaps.The proposed transaction will not result in any vertical overlaps. 2 [9]Given the above, we concur with the Commission’s view that the proposed Given the above, we concur with the Commission’s view that the proposed Given the above, we concur with the Commission’s view that the proposed Given the above, we concur with the Commission’s view that the proposed Given the above, we concur with the Commission’s view that the proposed Given the above, we concur with the Commission’s view that the proposed transaction is unlikely to substantially prevent or lessen competition in any transaction is unlikely to substantially prevent or lessen competition in any transaction is unlikely to substantially prevent or lessen competition in any transaction is unlikely to substantially prevent or lessen competition in any transaction is unlikely to substantially prevent or lessen competition in any transaction is unlikely to substantially prevent or lessen competition in any relevant market(s).relevant market(s). Public interest analysisPublic interest analysis Effect on employmentEffect on employment [10]The merger parties submitted that the proposed transaction will not have any The merger parties submitted that the proposed transaction will not have any The merger parties submitted that the proposed transaction will not have any The merger parties submitted that the proposed transaction will not have any The merger parties submitted that the proposed transaction will not have any The merger parties submitted that the proposed transaction will not have any negative impact on employment.negative impact on employment.negative impact on employment. 3 AttBid does not have any employees and RMH AttBid does not have any employees and RMH AttBid does not have any employees and RMH AttBid does not have any employees and RMH has three employees whose non-renewable contracts expired on 31 March has three employees whose non-renewable contracts expired on 31 March has three employees whose non-renewable contracts expired on 31 March has three employees whose non-renewable contracts expired on 31 March has three employees whose non-renewable contracts expired on 31 March has three employees whose non-renewable contracts expired on 31 March 2026. These contracts, in the merger parties’ submission, are likely to be 2026. These contracts, in the merger parties’ submission, are likely to be 2026. These contracts, in the merger parties’ submission, are likely to be 2026. These contracts, in the merger parties’ submission, are likely to be 2026. These contracts, in the merger parties’ submission, are likely to be 2026. These contracts, in the merger parties’ submission, are likely to be extended for an additional 3 months to allow continuity through the offer period extended for an additional 3 months to allow continuity through the offer period extended for an additional 3 months to allow continuity through the offer period extended for an additional 3 months to allow continuity through the offer period extended for an additional 3 months to allow continuity through the offer period extended for an additional 3 months to allow continuity through the offer period until the implementation of the proposed transactionuntil the implementation of the proposed transactionuntil the implementation of the proposed transactionuntil the implementation of the proposed transaction . [11]The Commission consulted the three employees who confirmed that they are The Commission consulted the three employees who confirmed that they are The Commission consulted the three employees who confirmed that they are The Commission consulted the three employees who confirmed that they are The Commission consulted the three employees who confirmed that they are The Commission consulted the three employees who confirmed that they are aware that their contracts will not be renewed and did not raise concerns aware that their contracts will not be renewed and did not raise concerns aware that their contracts will not be renewed and did not raise concerns aware that their contracts will not be renewed and did not raise concerns aware that their contracts will not be renewed and did not raise concerns aware that their contracts will not be renewed and did not raise concerns regarding the proposed transaction.regarding the proposed transaction.regarding the proposed transaction. [12]As such, we were satisfied with the Commission’s conclusion that the proposed As such, we were satisfied with the Commission’s conclusion that the proposed As such, we were satisfied with the Commission’s conclusion that the proposed As such, we were satisfied with the Commission’s conclusion that the proposed As such, we were satisfied with the Commission’s conclusion that the proposed As such, we were satisfied with the Commission’s conclusion that the proposed transaction is unlikely to raise employment concerns.transaction is unlikely to raise employment concerns.transaction is unlikely to raise employment concerns.transaction is unlikely to raise employment concerns.transaction is unlikely to raise employment concerns. Promotion of greater spread of ownershipPromotion of greater spread of ownershipPromotion of greater spread of ownershipPromotion of greater spread of ownershipto increase the levels of ownership by to increase the levels of ownership by to increase the levels of ownership by to increase the levels of ownership by historically disadvantaged persons (“HDPs”) and workers in the markethistorically disadvantaged persons (“HDPs”) and workers in the markethistorically disadvantaged persons (“HDPs”) and workers in the markethistorically disadvantaged persons (“HDPs”) and workers in the markethistorically disadvantaged persons (“HDPs”) and workers in the markethistorically disadvantaged persons (“HDPs”) and workers in the market [13]AttBid has an HDP shareholding of 3.71% on a flow-through basis whereas RMH AttBid has an HDP shareholding of 3.71% on a flow-through basis whereas RMH AttBid has an HDP shareholding of 3.71% on a flow-through basis whereas RMH AttBid has an HDP shareholding of 3.71% on a flow-through basis whereas RMH AttBid has an HDP shareholding of 3.71% on a flow-through basis whereas RMH AttBid has an HDP shareholding of 3.71% on a flow-through basis whereas RMH has an HDP shareholding of 2.91% on a flow-through basis. The merger parties has an HDP shareholding of 2.91% on a flow-through basis. The merger parties has an HDP shareholding of 2.91% on a flow-through basis. The merger parties has an HDP shareholding of 2.91% on a flow-through basis. The merger parties has an HDP shareholding of 2.91% on a flow-through basis. The merger parties has an HDP shareholding of 2.91% on a flow-through basis. The merger parties submitted that post-merger, if AttBid acquires all the remaining shares in RMH, submitted that post-merger, if AttBid acquires all the remaining shares in RMH, submitted that post-merger, if AttBid acquires all the remaining shares in RMH, submitted that post-merger, if AttBid acquires all the remaining shares in RMH, submitted that post-merger, if AttBid acquires all the remaining shares in RMH, submitted that post-merger, if AttBid acquires all the remaining shares in RMH, submitted that post-merger, if AttBid acquires all the remaining shares in RMH, 2 Joint competitiveness assessment, paragraph 1.5.2. Joint competitiveness assessment, paragraph 1.5.2. Joint competitiveness assessment, paragraph 1.5.2. Joint competitiveness assessment, paragraph 1.5.2. 3 Joint competitiveness assessment, paragraph 11.2.4. Joint competitiveness assessment, paragraph 11.2.4. Joint competitiveness assessment, paragraph 11.2.4. Joint competitiveness assessment, paragraph 11.2.4. 4 RMH’s HDP shareholding will increase by 2.49% to 5.40% on a flow-through RMH’s HDP shareholding will increase by 2.49% to 5.40% on a flow-through RMH’s HDP shareholding will increase by 2.49% to 5.40% on a flow-through RMH’s HDP shareholding will increase by 2.49% to 5.40% on a flow-through RMH’s HDP shareholding will increase by 2.49% to 5.40% on a flow-through RMH’s HDP shareholding will increase by 2.49% to 5.40% on a flow-through basis.

[14]The Commission noted that Atterbury Property Fund will retain its 32.77% direct The Commission noted that Atterbury Property Fund will retain its 32.77% direct The Commission noted that Atterbury Property Fund will retain its 32.77% direct The Commission noted that Atterbury Property Fund will retain its 32.77% direct The Commission noted that Atterbury Property Fund will retain its 32.77% direct The Commission noted that Atterbury Property Fund will retain its 32.77% direct shareholding in RMH and will also have indirect shareholding in RMH via its 49% shareholding in RMH and will also have indirect shareholding in RMH via its 49% shareholding in RMH and will also have indirect shareholding in RMH via its 49% shareholding in RMH and will also have indirect shareholding in RMH via its 49% shareholding in RMH and will also have indirect shareholding in RMH via its 49% shareholding in RMH and will also have indirect shareholding in RMH via its 49% shareholding in AttBid. Considering the above, the Commission concluded that no shareholding in AttBid. Considering the above, the Commission concluded that no shareholding in AttBid. Considering the above, the Commission concluded that no shareholding in AttBid. Considering the above, the Commission concluded that no shareholding in AttBid. Considering the above, the Commission concluded that no shareholding in AttBid. Considering the above, the Commission concluded that no further intervention is required. further intervention is required. further intervention is required.

[15]We have no reason to disagree with the Commission’s assessment. We have no reason to disagree with the Commission’s assessment. We have no reason to disagree with the Commission’s assessment. We have no reason to disagree with the Commission’s assessment. We have no reason to disagree with the Commission’s assessment. Other public interest Other public interest

[16]The proposed transaction does not raise any other public interest issues. The proposed transaction does not raise any other public interest issues. The proposed transaction does not raise any other public interest issues. The proposed transaction does not raise any other public interest issues. The proposed transaction does not raise any other public interest issues. The proposed transaction does not raise any other public interest issues. Conclusion

[17]For the reasons set out above, we conclude that the proposed transaction is For the reasons set out above, we conclude that the proposed transaction is For the reasons set out above, we conclude that the proposed transaction is For the reasons set out above, we conclude that the proposed transaction is For the reasons set out above, we conclude that the proposed transaction is For the reasons set out above, we conclude that the proposed transaction is unlikely to substantially prevent or lessen competition in any relevant market and unlikely to substantially prevent or lessen competition in any relevant market and unlikely to substantially prevent or lessen competition in any relevant market and unlikely to substantially prevent or lessen competition in any relevant market and unlikely to substantially prevent or lessen competition in any relevant market and unlikely to substantially prevent or lessen competition in any relevant market and unlikely to substantially prevent or lessen competition in any relevant market and raises no public interest issues. raises no public interest issues. raises no public interest issues.

[18]In the circumstances, we unconditionally approved the proposed transaction. In the circumstances, we unconditionally approved the proposed transaction. In the circumstances, we unconditionally approved the proposed transaction. In the circumstances, we unconditionally approved the proposed transaction. In the circumstances, we unconditionally approved the proposed transaction. In the circumstances, we unconditionally approved the proposed transaction. 28 April 2026 Mr Andreas Wessels Mr Andreas Wessels Date Ms Andiswa Ndoni and Prof. Thando Vilakazi concurring. Ms Andiswa Ndoni and Prof. Thando Vilakazi concurring. Ms Andiswa Ndoni and Prof. Thando Vilakazi concurring. Ms Andiswa Ndoni and Prof. Thando Vilakazi concurring. Ms Andiswa Ndoni and Prof. Thando Vilakazi concurring. Tribunal Case Manager: Tribunal Case Manager: Theresho Galane and Shanthel Ndhlovu Theresho Galane and Shanthel Ndhlovu Theresho Galane and Shanthel Ndhlovu Theresho Galane and Shanthel Ndhlovu For the Acquiring Firm: For the Acquiring Firm: For the Target Firm: For the Target Firm: For the Commission: For the Commission: Natashua Coetzer and Morne van der Merwe of Natashua Coetzer and Morne van der Merwe of Natashua Coetzer and Morne van der Merwe of Natashua Coetzer and Morne van der Merwe of Alchemy Law Africa (Pty) Ltd Alchemy Law Africa (Pty) Ltd Alchemy Law Africa (Pty) Ltd D u d u M o g a p i, S h a n d r e S m it h a n d R o b e r t W ils o n o f W e b b e r W e n t z e l Billy Mabatamela and Betty Mkatshwa Billy Mabatamela and Betty Mkatshwa Billy Mabatamela and Betty Mkatshwa