Well in the late 1960s a local factory across the road from me suffered that fate. It was only listed on the stock exchange because back then publicly listed companies enjoyed better tax regulations as opposed to private companies.
The business had been established in the early 1920's by two fellows who returned from WW1 and used a war loan to get established.
It grew and grew. They virtually manufactured every commercial kitchen in the state and elsewhere. Both the old fellows fell off the perch eventually and left the bulk of the shares in the company to the kids.
The vultures moved in with a takeover offer marginally better than market price.
They immediately put 120 local people out of work, did untold damage to other local suppliers, sold the factory off for about 1,000 X book value and left everyone using their kitchens without any backup maintenance.
Flamboyant stockbrokers and merchant bankers who never raised a sweat in their lives profited handsomely.
Pity about the carnage they left behind. All "real" workers.