If the one offering 20% over listed price is the one causing the listed price to be far more than 20% below what the company could be worth if they were running it properly, most people would consider that to be a ripoff.
As a sale, yes, but to take it private no. After taking the company private they could then manage the company properly and make all of the upside, completely screwing over the shareholders who they bought out.
That would completely be fraud, but seems pretty far fetched.
They have been (miss)managing the company about the same for 18 years, so it would have to be one of the most epic cons of all time.
On the other hand, partial owners and management take companies private all the time. It is an extremely common occurrence. It and PE buyout are probably the two most common ways.
Based on my parent poster's question we're already operating from the assumption that happening and I'm just explaining why that's bad, not how likely it is.
It seems like there are contradictory facts being claimed: that the price to go private is a lowball, and that the current price is accurate.