Shareholders green light GRD takeover

Shareholders in engineering and infrastructure company GRD have approved a $106 million takeover of the company by UK-based AMEC.

Shareholders today voted in favour of the merger at a court-ordered meeting today.

Under the takeover, shareholders will receive 55 cents cash for each GRD share they hold.

"The Board would like to thank Shareholders for exercising their right to vote on the Scheme and participating in this very important decision," chairman Richard Court said.

In a statement, GRD said the implementation of the scheme remains subject to approval by the Federal Court of Australia, with a hearing scheduled for next week.

Shares in GRD were up 0.5 cents to 54.5c at 15:13 AEDT.