GRD up 8% on private equity talk

Shares in engineering and investments group GRD Ltd jumped almost 8 per cent today, up 16 cents to $2.20 each, after newspaper reports revealed it had been the latest subject of interest from investment bank Macquarie Bank.

GRD confirmed today that it had received an approach from Macquarie to conduct due diligence.

The GRD board turned down the offer.

Last year former chairman Brett Fogarty sold a significant parcel of shares to Macquarie. He still retails around 21 per cent of the company.