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S Kidman and Co: Australian consortium withdraws bid after Rinehart group ups offer S Kidman and Co: Australian consortium withdraws bid after Rinehart group ups offer
(about 2 hours later)
A syndicate of Australian graziers have withdrawn their bid for the S Kidman and Co cattle empire. A syndicate of Australian graziers has withdrawn its bid for the S Kidman and Co cattle empire.
Their move comes a day after the mining magnate Gina Rinehart’s joint venture increased its bid to $386.5m, and after the S Kidman and Co chairman, John Crosby, said his fellow directors would recommend shareholders accept the offer from the mining billionaire’s vehicle, Australian Outback Beef. The move comes a day after the mining magnate Gina Rinehart’s joint venture increased its bid to $386.5m, and after the S Kidman and Co chairman, John Crosby, said his fellow directors would recommend shareholders accept the offer from the mining billionaire’s vehicle, Australian Outback Beef.
The all-Australian BBHO consortium, which had offered $386m, has congratulated the AOB joint venture.The all-Australian BBHO consortium, which had offered $386m, has congratulated the AOB joint venture.
AOB is 67% owned by Hancock Prospecting and 33% by China’s Shanghai CRED.AOB is 67% owned by Hancock Prospecting and 33% by China’s Shanghai CRED.
“The BBHO Consortium advises that it withdraws its previously announced bid for S Kidman & Co following the receipt and unanimous recommendation of a superior offer by the Kidman board,” BBHO said on Friday. “The BBHO consortium advises that it withdraws its previously announced bid for S Kidman & Co following the receipt and unanimous recommendation of a superior offer by the Kidman board,” BBHO said on Friday.
“We are disciplined investors in Australian rural assets and made what we believed to be a full and fair offer.“We are disciplined investors in Australian rural assets and made what we believed to be a full and fair offer.
“After what has been a lengthy and complex sales process we congratulate the Hancock Shanghai CRED consortium for similarly recognising the potential of the iconic Kidman brand.“After what has been a lengthy and complex sales process we congratulate the Hancock Shanghai CRED consortium for similarly recognising the potential of the iconic Kidman brand.
“BBHO would like to acknowledge the very strong groundswell of public support it has received from well wishers across the country, all of whom recognise the importance of the Kidman name and legacy to our industry. We would also like to thank our advisers and financiers who assisted us through this process. “BBHO would like to acknowledge the very strong groundswell of public support it has received from well-wishers across the country, all of whom recognise the importance of the Kidman name and legacy to our industry. We would also like to thank our advisers and financiers who assisted us through this process.
“Each of the BBHO partners wishes the Hancock consortium well and, should they be successful in completing the acquisition, we look forward to welcoming them as neighbours. “Each of the BBHO partners wishes the Hancock consortium well and, should they be successful in completing the acquisition, we look forward to welcoming them as neighbours.”
The AOB bid will need to be approved by the Foreign Investment and Review Board.The AOB bid will need to be approved by the Foreign Investment and Review Board.
BBHO was supported by the federal independent MP Bob Katter and Senator Nick Xenophon, both of whom attended the BBHO announcement in federal parliament. BBHO was supported by the federal independent MP Bob Katter and senator Nick Xenophon, both of whom attended the BBHO announcement in federal parliament.