The first entirely Australian offer for the Kidman cattle empire is due to be lodged this weekend and will be higher than Gina Rinehart's Australian-Chinese bid, a member of the domestic syndicate has told the ABC.

The offer by four of the nation's wealthiest outback cattle and transport families is likely to be around $385 million, more than the joint bid by Ms Rinehart's Hancock Prospecting and Chinese real estate conglomerate Shanghai CRED.

"We intend to put a bid in that will be absolutely competitive [and unconditional]," said West Australian and Northern Territory pastoralist Sterling Buntine, who is a member of the BBHO syndicate.

"It will be more than what the current bid is on the table and we would expect the Kidman board to treat it with due respect."

BBHO is bidding for the entire Kidman business, including the defence-sensitive Anna Creek Station, near the Woomera weapons-testing range.

The South Australian property was excised from the original sale offering after Federal Treasurer Scott Morrison blocked foreign bids for the entire landholding on the grounds of national security.

Other members of the BBHO group are South Australian Tom Brinkworth, Malcolm Harris from New South Wales, and Viv Oldfield from Alice Springs.

The families already own huge chunks of pastoral land in northern and central Australia, Queensland, New South Wales and South Australia, and between them run about 400,000 head of cattle, Mr Buntine said.

"We've got properties quite close to the Kidman properties," he said.

If successful in buying S Kidman and Co, "we would be looking to break the properties up to complement our existing portfolios", he said.

"It's a more efficient use of staff and plant."

Domestic offer does not require foreign investment approval

While each of the families would continue to run their own operations, all would market their cattle and beef through S Kidman and Co, which would grow the brand internationally, Mr Buntine said.

"We think we can give credit to the Kidman name ... and passing that land back through Australian families, that is certainly nothing [Sir Sidney] Kidman would be ashamed of.

"All the money we make is spent in the region.

"Three of us live on our own cattle stations ... and the other lives in a regional centre in the bush."

The greatest advantage for the domestic syndicate is that its offer does not require Australian foreign investment approval or regulatory clearance by Chinese authorities as does the bid by Australian Outback Beef (AOB) — the joint venture company 67 per cent owned by Hancock Prospecting and one-third owned by Shanghai CRED.

While AOB's headline purchase offer is $365 million, the actual bid when taking into account financial dealings surrounding Anna Creek Station is $380 million, according to agricultural analysts

S Kidman and Co's cattle stations are spread out over 101,000 square kilometres of central Australia. ( Supplied )

'I'm wildly excited': Katter

But BBHO's plan to divide the Kidman properties could be seen as a negative by the company's family shareholders.

S Kidman and Co managing director Greg Campbell has maintained throughout the process that breaking up the business and selling off the cattle properties would be the last option.

"I would feel aggrieved if that was held against us ... because there's nothing different that we're doing now to what Sidney Kidman was doing in his day," Mr Buntine said.

"I'm wildly excited [about the home-grown bid]," said federal politician Bob Katter, a vocal opponent of foreign ownership.

"I love these blokes. They are the sort of blokes that will make this country greater in the future than it has been in the past and will dig us out of the hole that we're digging for ourselves at the present moment.

"They are one group, but there are others out there as well."

The Kidman board is required to consider any offer that is higher or superior to the one on the table, but the Hancock-Shanghai team would have a right to match any rival bid should it gain foreign investment approval.

Federal Government ministers including the Prime Minister and his deputy, as well as politicians Nick Xenophon and One Nation's Pauline Hanson all welcomed the Hancock-Shanghai bid.

S Kidman and Co is Australia's largest private landholder with properties covering 101,000 square kilometres across four states.

It supplies markets in Japan, the United States and South-East Asia.