(Adds detail on stake acquisition, comment)
May 10 (Reuters) - Diversified Australian investor Seven Group Holdings SVW.AX offered to buy shares it does not already own in Boral BLD.AX , valuing the building materials supplier at $6.23 billion, to leverage a housing market that is rebounding from pandemic lows.
Seven Group, which invests in mining, energy and media companies, on Monday took its offer to Boral shareholders, saying it wanted to increase its stake in Boral to 30%, but had to make an offer for the whole company due to some securities regulations called "creep provisions".
Seven Group had been increasing its stake in Boral over the past 14 months, taking it up to 23.18% in April from about 20% in September last year, and is legally unable to buy any more Boral shares until October.
Boral's stock has surged nearly a third this year, as monetary and fiscal stimulus have ignited Australia's property market, where prices are hitting record highs, largely led by demand from owner-occupiers and first-home buyers.
Seven Group's offer of A$6.50 per share values its current stake on Boral at A$6.08 billion ($4.79 billion), per Reuters' calculation, and represents a zero premium to Boral's closing price on Monday.
The bid brings Boral's total valuation to A$7.91 billion.
The offer comes as Boral overhauls its operations as it looks to exit the United States and retreats from its seven-year global expansion strategy. did not immediately respond to Reuters' request for comment.
($1 = 1.2689 Australian dollars)