There is probably a simple answer that I'm not seeing, so I'm prepared for the Monkey Shit on this one!
Investment Trusts (closed-end investment companies) that are traded on an exchange often trade at large discount to their NAV (sometimes 20%+). Unlike more traditional companies that trade below their book value, the value of investment trust's assets are instantly observable. Although the reasons for trading at a discount are clearer, why don't big players come in, buy the entity as a whole and just break it up?
Breaking it up requires several things including - dealing spreads, legal fees and breaking up a company which is already operationally geared and (often has) very high profit margins.
Breaking up an investment trust/company is often just a poor business decision, even if it trades at a discount to NAV (the fees are charged against NAV rather than the market cap).
In addition, some of the more esoteric investment trusts (or very greedy plain vanilla ones) take a performance fee.
Private equity investment trusts are another good example, because they often trade at significant discounts to NAV, charge a management fee, but also take carry fees from the underlying investments.
All these factors basically mean that the structure of the investment vehicle actually enhances the value and means that the value to a controlling investor/investment manager is at a significant premium to the share price or underlying assets.
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