Locals bids remain open for Kidman & Co

Mr Morrison said he made a determination in November last year that the proposed acquisition of Kidman & Co by foreign investors was contrary to the national interest and therefore did not authorise the sale to proceed.

He said at that time he stated it was a matter for the vendor to consider how they wished to proceed with offering the company’s composite interests for sale - but he’d consider any future alternate proposal or set of proposals on merits, consistent with his national interest test obligations.

Mr Morrison said he was encouraged last year’s decision had now led to last week’s development enabling Australian parties to bid for the cattle company that comprises 2.5 per cent of the nation’s agricultural land.

“Obviously any prospective foreign investor purchase of Kidman & Co would be examined against Australia’s national interest,” he said.

“This test includes a range of factors including: the impact of the proposal on the Australian economy and community; national security; consistency with other government policies including tax; competition; and the character of the investor.”

Last month Fairfax Media revealed Australian owned family enterprise Linfox was interested in bidding for Kidman & Co with the touted $300 to $350 million price tag within the logistics company’s $3b annual turnover.

Mr Morrison rejected the Kidman sale to Chinese bidders last November, citing national security concerns linked to the Anna Creek component of the extensive multi-State property portfolio.

But Linfox are understood to be interested in buying the business and retaining its current structure, rather carve-off Anna Creek to satisfy national interest concerns.

Mr Morrison has refused to speculate on whether Chinese bidders are about to win the bid, saying the sale is subject to review by the Foreign Investment Review Board and “it would not be appropriate to comment further while that process is underway”.

“The Treasurer will consider the independent advice prepared by the FIRB in making any decision within the time frames prescribed by statute,” he said.

Kidman managing director Greg Campbell said it was important to understand Australian parties still had an opportunity to bid for Kidman.

Mr Campbell said the successful final bidder would issue a Bidder’s Statement and lodge it with ASIC which would then be available to the public and include the offer price for Kidman and all conditions.

“Any other bidder has the opportunity at that time to make a takeover offer for Kidman,” he said.

“If that offer is considered to be a “superior proposal”, then the Kidman Directors have a fiduciary duty to recommend that offer for acceptance.”

Mr Campbell said every opportunity had been provided for Australian parties to participate in the sales process and after ten months, he hoped it could be concluded in the next month or so.

“It is Kidman’s intent to maintain probity and continue to work with existing and any new bidders within the existing sales and regulatory framework to reach a satisfactory outcome for the sale of this iconic business,” he said.