I don't think that Skip are doing this for altruistic reasons, but I actually agree with your point.
People here are saying management aren't naive to be selling out at 23c, I wouldn't be so sure. Simon Kidston was selling millions of shares at 16c when he saw the writing on the wall: another cap raise. He preempted the collapse in the share price and benefited from it. I don't think they have a clue how to stop the decline in the share price. So yeah, I reckon they are pretty happy to get a bid to push the share price up.
I reckon Paradice sold out not because they thought Genex has no potential, but because management has been running the company so poorly that they didn't believe the potential would be realised. All management had to do was focus on building KPH on time and on budget, and the share price would rocket up to 60-90c by FY26 when it was operational. There would be no further dilution / cap raise. Instead, they kept looking on ways to spend money they don't have, diluting shareholders while selling out their own shares.
Personally, I think the anger at Skip is misplaced. They are trying to save the company from itself. To my knowledge, they and other major shareholders have been applying pressure on management to improve their capital allocation but to no avail. Fed up, they figure they can generate more value by taking it private and running the capital allocation. No doubt Skip and their financiers have a much lower cost of capital than Genex does.
Like many others here, I hope the bid is rejected as I would rather be a long term shareholder of Genex. But I want to see a change in management to the extent that more capital raises and dilution are taken off the table. Maybe Skip - who are now entitled to a board seat - could do that on shareholders behalves? Maybe Kidston and Addison wake up with the takeover bid and take a different tact?
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