Rival Ferrari currently trades at an enterprise value of 21 times EBITDA, according to Refinitiv data, compared with 2.3 times at Volkswagen.
Last year, sales at Lamborghini fell 11 percent to 1.61 billion euros. The company does not break out core profit (EBITDA).
The offer drew a cool response from VW, which earlier this week said there was agreement that Lamborghini, repeatedly named as a possible divestment candidate, will remain part of the group.
Audi, which is in charge of Lamborghini, said the unit was not for sale.
“The message from Volkswagen and Audi was clear. One has to accept that,” Stark said.
Stark is also co-founder of Piech Automobile with Toni Piech, the son of former Volkswagen Chairman Ferdinand Piech.