I wonder if the company was set up in some legal framework like a trust and therefore it would not be up to the current managers to make certain changes.
They can’t go public but they are allowed to sell their ownership. So there is nothing stopping them from creating a shell company, “selling to it” and taking it public or “selling” to a smaller already public company.
https://www.entrepreneur.com/article/311452
They can’t go public but they are allowed to sell their ownership. So there is nothing stopping them from creating a shell company, “selling to it” and taking it public or “selling” to a smaller already public company.