* Supervisory/management board members sell shares
* Shares trading at 37.93 euros
(Writes through, adds detail, background, share price)
PARIS, Sept 16 (Reuters) - Axel Springer has bought 12.36 percent in SeLoger.com from shareholders including management and supervisory board members as it seeks to take over the French online property ad group.
Springer paid 34 euros each for the shares, in line with its planned offer for the company, but agreed to make up the difference if it ends up buying SeLoger for a higher price, France's AMF financial regulator said in a statement.
"We are seeing a rapid migration of the classified ad market from paper to the Internet and Axel Springer is already a major internet player in several European countries," Springer said in the statement on Thursday.
"The investment in SeLoger.com ... will mark a significant expansion of its European footprint in the online ad market. SeLoger.com has positioned itself as a leader in the field of online property ads in France."
Springer said last week it planned to offer 34 euros a share, or 566 million euros ($740.7 million), for SeLoger, having already agreed to purchase 12.4 percent at that price. It reiterated its plan to make an offer in the AMF statement.
The shares have since risen above that level, trading at 37.93 euros at 1053 GMT, suggesting the market is expecting a higher offer.
Groupe Arnault, the investment company controlled by LVMH Chief Executive Bernard Arnault, indicated on Friday that the offer was too low and that it would not sell its 9 percent stake at 34 euros.
The supervisory board of SeLoger also decided to reject the offer on Tuesday, saying it did not reflect its value or outlook for growth.
Springer's 12.36 percent stake includes shares bought from supervisory board Chairman Amal Amar and member Fabrice Robert, as well as from management board members Denys Chalumeau, Gilles Blanchard and Jean-Philippe Chevalier. (Reporting by James Regan; Editing by David Holmes) ($1=.7641 Euro)