How do minority shareholders fight back when New Third Board companies delist?

A few years ago, I bought shares of a company listed on the New Third Board. I initially planned to hold long-term for value investing. Recently, the company announced its intention to delist and proposed a buyback to protect dissenting shareholders, with the price negotiated privately. This is the first time I’ve encountered such a situation, and I’m unsure how to navigate the negotiations. I’m seeking advice from experienced experts here and hope for your guidance.

Basic situation:

1. My holding cost is slightly below the current market price.
2. The company mainly provides internet services in the power sector, has been profitable year after year, but has never paid dividends.
3. The current PB ratio is below 1, and the PE ratio is in the single digits.
4. Major shareholders and related parties hold over 85% of the shares.
5. I have not yet negotiated the buyback price with the company.

Main questions:

1. What are the common reasons for major shareholders to choose delisting?
2. Are there any methods to help assess the true intentions behind the major shareholders’ decision to delist?
3. If I do not accept the buyback, what is the potential profit and loss ratio for minority shareholders?
4. What other precautions or considerations should I be aware of?