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