BBHO group of graziers congratulates rival bid led by Gina Rinehart, but deal will still need to be approved by foreign investment board

A syndicate of Australian graziers has withdrawn its bid for the S Kidman and Co cattle empire.

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.

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Source: Guardian Environment