The Hancock Prospecting Shanghai CRED joint venture increased its bid by $500,000 and filed the new offer with Australian Securities and Investment Commission (ASIC) on 28 October to launch the Australian Outback Beef takeover offer.

The all-Australian bid from four well known pastoralist families known as BBHO congratulated Rinehart and her joint venture partners.

"We are disciplined investors in Australian rural assets and made what we believed to be a full and fair offer," BBHO said.

"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."

On behalf of the joint venture Gina Rinehart said the potential to acquire the Kidman business meant a great deal to her personally.

"Sir Sidney Kidman has special meaning to me given our families historical ties dating back more than a hundred years when my grandfather, James Nicholas, owned stations together with Sir Sidney Kidman in South Australia and they jointly owned a successful coach business in the East as well as in Western Australia," Mrs Rinehart said.

"I am from a station background, having grown up on Mulga Downs and Hamersley stations both in the outback- a childhood that develops resilience and that I loved, indeed I still have Mulga Downs station today," she said.

According to Hancock Prospecting the directors of the Kidman properties have recommended shareholders in the business accept the offer.

Chairman of Kidman John Crosby said the Board welcomed the increased offer and acknowledged the strong credentials of the company led by Rinehart.

"Under the Hancock JV offer the core Kidman business will remain intact and the Kidman staff and legacy will be looked after," Mr Crosby said.

More than 600 interested parties have held discussions with sale manager Ernst & Young since the iconic Kidman landholding went on sale almost 18 months ago.