WAM Active Ltd. said Dec. 13 that it lowered its cash bid for Keybridge Capital Ltd. again, now at 6.5 Australian cents per share, citing Keybridge's declining financial performance, elevated operating expenses and a recent discovery of corporate governance issues.

The Australian asset manager initially offered 7.5 cents per share in June. Then it withdrew the bid and made a second cash offer at 6.9 cents per share in October.

The new offer represents a premium of 7.3% to Keybridge Capital's unaudited after‐tax net tangible asset as of Oct. 31. The offer is subject to several conditions, including a minimum acceptance of 50.1% of Keybridge shareholders.