Kidman & Co offers due late May
Indicative bids for the S. Kidman & Co sale are due on May 26.
The highly politicised sale process for Australia's largest landholder S. Kidman & Co has been officially reopened.
Already the crowdfunder DomaCom has joined forces with Lloyds Business Brokers to launch a fresh $370 million bid.
DomaCom and Lloyds have entered discussions with Ernst and Young, which is handling the sale process for the Kidman shareholders, and has been given access to the sale documents.
Their plan is to buy S. Kidman & Co in a matching bid to the bid from Chinese-backed consortium Dakang Australia which was rebuffed by Treasurer Scott Morrison last month.
DomaCom chief executive Arthur Naoumidis told the Australian Financial Review the fresh offer from DomaCom and Lloyds would see the land valued at $210 million and the operating businesses at $160 million.
"In a renewed effort to keep this massive pastoral estate in Australian hands, DomaCom will continue to crowdfund the acquisition of the land and Lloyds will find a buyer for the operating businesses."
"When you consider we have $75 million from 5500 investors pledged already, our target is now only $210 million, and as the Federal Government is clearly concerned about Kidman slipping into foreign ownership, then we firmly believe there is a realistic opportunity to buy this massive pastoral station locally.
“At a price of $210 million, it would give investors a gross rent of 3.9% in addition to capital growth, low volatility and the opportunity to keep an Australian agricultural icon in local hands.”
