WAM Active Limited (ASX:WAA), a fund managed by MAM Pty Limited made an offer to acquire the remaining stake of Keybridge Capital Limited (ASX:KBC) from Bentley Capital Limited (ASX:BEL), Australian Style Group Pty Ltd., Wilson Asset Management (International) Pty Limited and others on December 13, 2019. WAM Active Limited will acquire each share for AUD 0.065. As of February 24, 2020, WAM Active Limited (ASX:WAA), a fund managed by MAM Pty Limited increased an offer to acquire the remaining stake of Keybridge Capital from Bentley Capital, Australian Style Group Pty Ltd., Wilson Asset Management (International) Pty Limited and others. The increased offer per share for all the remaining shares is AUD 6.9 pence. The Bidder's Statement approved by a unanimous approved resolution of the board of WAM Active.

The transaction is subject to minimum acceptance of 50.1% before offer period, shareholder approval of Keybridge Capital, no regulatory action during the period starting on the date that the offer was announced and ending of the offer period, no prescriber occurrences, no material transactions, no material adverse change, no material adverse change, no superior alternate proposal, no material litigation, no delisting, no NTA fall and no fall in the market of below 10% or more. The offer will open for acceptance in due course and will be open for at least one month. Keybridge urges shareholders to take no action until they review the Target Statement response by Keybridge. It is anticipated that the Target Statement will be released on January 17, 2020. On January 17, 2020, target statement was released and the majority of Directors recommend to reject the tender offer due to inadequate offer price. As of March 2, 2020, the offers becomes unconditional. The offer period was open on January 3, 2020 and is scheduled to close on February 3, 2020. As of February 10, 2020, the offer period was extended to March 3, 2020. As of March 2, 2020, the offer period was extended to April 3, 2020. Mont Lawyers Pty Limited acted as a legal advisor and Boardroomradio.com Pty.Ltd acted as a registrar to WAM Active Limited. Advanced Share Registry Ltd acted as registrar for Keybridge Capital Limited.