Going private ends public trading. Holders receive cash at the agreed price, the registration is withdrawn, and the ticker disappears. Because insiders are often on both sides, these deals require extra disclosure and usually a special committee of independent directors and a majority-of-the-minority vote.
For a shareholder the practical point is that there is no choice: once the vote passes, remaining shares are converted to the right to receive cash whether you tendered or not.
Example: a founder holding 30% offers $19 for the rest of a company trading at $14. The special committee negotiates $22. The stock trades at $21.30 into the vote, reflecting a small chance the deal fails.
Related: leveraged-buyout, management-buyout, tender-offer