Kerry Stokes' Seven Network Group has sent a message to...

Kerry Stokes' Seven Network Group has sent a message to Transfield Services that its bid is too cheap and it won't get its hands on Perth-based GRD.

The Seven Network late Friday revealed that it had boosted its stake in GRD from 10.39 per cent, to 12.5 per cent with the purchase of another 3.5 million shares.

That took Seven's holding to 23.5 million shares.

As the purchases were above the $270-$2.75 price range suggested by Transfield as a price for a bid, the message is clear.

Think again!

GRD shares closed at $2.82 on Friday.

Seven picked up its 20 million share holding seven weeks ago after the chairman of GRD stepped down and wanted to sell some of his holding.

Stokes, being a Perth businessman, and GRD being Perth-based with board members friendly with the Seven proprietor, paid $2.35 a share or $47 million for his original stake.

At the suggested offer price the Stokes holding would be worth up to $64.6 million, after the buying last week. The average entry price is around $2.42.

To understand the Seven holding, you have to take into account the personal links between Stokes and GRD chairman, Richard Court, the former Liberal Premier of WA.

GRD said it last Thursday had received an incomplete offer for the company from Transfield that values it at up to $529 million.

GRD said the offer from Transfield Services contains an indicative purchase price of $2.70 to $2.75 per share, with the final price to be set following due diligence.

"The proposal is incomplete and the conditions include GRD Ltd allowing Transfield Services Limited to undertake due diligence," GRD said in a statement to the ASX.

"Transfield Services Ltd has not been granted access to GRD Ltd's records to commence the due diligence process."

GRD said its directors are considering the proposal and will respond soon.