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Australia's WAM Active to launch takeover offer for Keybridge Capital

WAM Active Ltd. proposed to launch a takeover bid to buy all issued shares of Keybridge Capital Ltd. at 6.9 Australian cents per share.

Responding to the offer, Keybridge Capital recommended its shareholders to take no action in relation to the offer at this stage. It added that the offer is highly conditional and that it is lower than the company's first bid announced in June. The first offer was later withdrawn in August.

Keybridge Capital said it appointed CEO Nicholas Bolton to its board as managing director. It also appointed Richard Dukes to its board.

Bentley Capital Ltd., which owns 31.7 million shares in Keybridge, said Oct. 14 that it reviewed the offer and plans to accept it in the absence of a superior proposal. Bentley Capital added it will accept the offer not earlier than 21 days after it opens for acceptances.