Are you referencing GBA? If that’s the reference, it’s not an accurate question. GBA has always been public—it simply stopped trading on the public equities market. If you recall about a year ago, I made an offer on this board to buy GBA shares—broker to broker trade where the buyer and seller agree on a price. So shares “may” have traded privately while the stock was not trading in the public market.
If you’re not referring to GBA, a private equity take over of a public held company occurs almost weekly—simply get the shareholders to vote in favor, or buy a controlling interest and force a buyout.
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