If you really think about it whether you are an undervalued company at 100M shares or at 3.3B shares it is the same math.
It is just a game of percentages on the insider voting block to get to the supermajority plus does it make financial sense at a certain pps?
The only way this type of leveraged buyout is typically torpedoed is the share price skyrockets out of sight before the buyout and makes it financially non-viable.
Basically the buyout costs more then the buyers can make on it thus producing a loss. So no deal....