I hope you're right Kurt - that management quickly rejects this bid. Though it doesnt mean they will change their stripes and suddenly become good capital allocators.
The best thing for long term shareholders would be Skip and Parradice take board seats to become the decision makers for all capital allocation; while management just runs the day to day operations. Then we wouldnt need a takeover to create value, and we could benefit from continuing to own Genex. However, I am not sure if a board renewal is on the cards, or if Skip would be content being a minority shareholder.
Alternatively if it is to be sold, we should want a bidding war. Open it up to auction or competitive bids, and see what the market is willing to pay. I suspect it is far more than 23c, but still far less than the price will be in 24/25 when KPH is up and running.
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