Guy Hands, founder and chairman of British private equity firm Terra Firma, is leading a management buyout bid for Consolidated Pastoral, a giant Australian cattle company owned by ... Terra Firma.

Why it matters: This seems to be self-dealing out of desperation, not out of greed. Terra Firma has spent more than a year trying to sell Consolidated Pastoral for A$1 billion, but only found interest in select lands — ultimately agreeing to sell off around 40% for A$310 million.

Hands now personally wants to buy the rest for over A$600 million, with the help of company management and undisclosed investors that are expected to include some Australian pension funds.

The bottom line: "The new buyout proposal would see Mr Hands and CPC's management take over the remaining 3.5 million hectares of land and 300,000 head of cattle across northern Australia, as well as two feedlots in Indonesia." — Daniel Fitzgerald, ABC