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Australia's Boral says Seven Group's offer nearly 40% below expert's valuation

Australia's Boral Ltd said on Thursday an independent expert's estimate valued its shares as much as 40% higher than suitor Seven Group Holdings Ltd's off-market takeover bid price, and asked shareholders to reject the offer.

By 0015 GMT, Boral's shares shed nearly 2% to A$6.750 against a flat broader index.

The offer by billionaire Kerry Stokes-owned Seven Group comes on the heels of a stellar rally in Boral's shares this year, underpinned by a hot property market and after Seven failed to increase its stake in the company to 30%.

Seven Group currently owns a 23.18% stake in Boral.

(Reporting by Vasudha Kaukuntla in Bengaluru; editing by Uttaresh.V)

((Vasudha.Kaukuntla@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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