Private Equity (PE) firms are in business to make money. Arias (Arias Funds) is an active Private Equity investor. The goal of active PE investors, once they acquire the control interest in a company, is to improve the company through management changes / streamlining operations and/or expansion to make more profit. Their focus is to substantially increase the company's valuation for a maximum ROI from its eventual resale.
Arias Funds sold 47.2M shares in 2018 (33.3M @ C$1.40 in July and 13.9M @ US$2.08 in Oct) making at least 600% ROI in my guesstimate (according to my guesstimation the average unit price of Arias holding was somewhere between C$0.40-0.50 back then, i.e prior to the 10:1 consolidation of 2021).
Arias taking Largo private? An option that would not be in the best interest of the remaining shareholders. Largo is definitely under the control of Arias.