They won't take it private if they are receiving all economic benefits of the business without them needing to spend more money.
Scenario 1: Pay cash via 'renovations', receive all economic benefits without any additional costs, and stay listed.
Scenario 2: Pay the market cap + premium to take the company private. Receive same economic benefits as scenario 1, but it costs millions to do so - in this scenario the company is worse off by whatever it cost to take the company private.
