I think that can happen if the board decides to sell the company because the stock is low, then it is bought by another company that just wants to extract as mu

I think that can happen if the board decides to sell the company because the stock is low, then it is bought by another company that just wants to extract as much profit as quickly as possible. For example by taking on a bunch of debt to pay themselves bonsues, then declaring bankruptcy and liquidating the remaining assets. I am far from an expert, but I think something similar happened to Toys R Us.