2. Privatization will involve an offer, and it is sure to publicize who the buyer is.
The advantage is that the future profits of the company need not be distributed to others. The disadvantage is that it has lost its status as a listed company, making it more difficult to raise funds and reducing its public influence.
4. Only five or less shareholders will not be listed companies at all, because listed companies have minimum requirements for the number of shareholders. If a listed company becomes a shareholder with less than five people, it will definitely be privatized.