Seven Group gains majority stake in Boral

Kerry Stokes-led Seven Group Holdings is poised to take control of listed building and construction company Boral after lifting its ownership stake above 50 per cent.

Today, Seven announced that 52.65 per cent of Boral's shareholders have accepted its off-market takeover bid that values the Sydney-based contractor at $9.1 billion.

That includes an economic interest of up to 3.3 per cent held through an equity swap transaction.

As a result of Seven exceeding 50 per cent ownership, its takeover offer has been extended by 14 days, to July 29.

The takeover bid was announced in May when Seven Group owned 23.2 per cent of Boral.

Seven first offered to pay $6.50 in cash for every Boral share before twice raising its bid earlier this month, to $7.30 and $7.40. 

Boral's independent directors have continuously asked shareholders to reject the offers because they "undervalue" the company.

Its board includes Ryan Stokes, who is also director of Seven West Media, which is 40 per cent owned by Seven Group.

Seven Group is expected to seek additional representation on the Boral board, but today said it would maintain a majority of independent directors.

Seven, which also has a stake in Beach Energy and owns all of Westrac and Coates Hire, was trading 1.6 per cent higher at 1:35pm AEST to $23.21 per share.