The company knows their value, but we don't...they seek equity financing to buy up the remainder of the float via tender offer to retail shareholders. Obviously it would have to be a fair offer or otherwise retail shareholders would hold up the process and possibly hold up a potential bigger deal with an acquirer.
Once the going private deal is complete, the company is sold to a buyer for an "undisclosed sum" so the retail shareholders (us) are never the wiser.
The key to this entire thing is them getting enough equity financing to offer a "fair price" to the retail shareholders.