The Australian farming family syndicate challenging billionaire Gina Rinehart’s bid for the Kidman pastoral empire has pulled out of the race just a week after making its move on the 10.1 million hectare beef business.
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The Buntine, Brinkworth, Harris and Oldfield (BBHO) family group has withdrawn its $386 million offer after learning S. Kidman and Co directors unanimously recommended shareholders accept a “superior offer” by Mrs Rinehart’s Australian Outback Beef (AOB) partnership.
Yesterday AOB, which includes 33 per cent Chinese stakeholder, Shanghai CRED, announced it would raise the stakes in its own offer to exceed the BBHO bid by $500,0000.
“We are disciplined investors in Australian rural assets and made what we believed to be a full and fair offer,” the BBHO team said in a statement released this morning.
“After what has been a lengthy and complex sales process we congratulate the Hancock Prospecting-Shanghai CRED consortium for similarly recognising the potential of the iconic Kidman brand.
“Each of the BBHO partners wishes AOB well and, should they be successful in completing the acquisition, we look forward to welcoming them as neighbours.”
BBHO acknowledged a “very strong groundswell of public support” received from well-wishers across the country who had supported the all-Australian family group.
The group said its supporters had also recognised “the importance of the Kidman name and legacy to our industry”.
“We would also like to thank our advisors and financiers who assisted us through this process,” the statement said.