GINA Rinehart and Chinese owned Shanghai CRED has upped their bid to acquire the entire S.Kidman and Co.
Australian Outback Beef (AOB), which is a joint venture between Rinehart’s Hancock Prospecting and Shanghai CRED Real Estate Stock Co Ltd, has today offered $386,500,000 for the mega cattle business.
AOB today lodged documentation with the Australian Securities and Investment Commission to launch its takeover offer.
The Kidman directors have now unanimously recommended that Kidman shareholders accept the offer in the absence of a superior proposal.
Kidman’s chairman John Crosby said the board welcomed the increased offer and acknowledged the strong credentials of the company led by Mrs. Rinehart.
More than 600 interested parties have held discussions with sale manager Ernst and Young since the iconic Kidman landholding went on sale almost 18 months ago.
S. Kidman and Co is one of Australia’s largest beef producers, with an average herd carrying capacity of 185,000 cattle. The company has pastoral leases covering 101,000 square kilometres across South Australia, Western Australia, Northern Territory, and Queensland.