The strategic options could include any of those you had mentioned, but the most logical and likely scenario is a sale of the company. Taking it private seems the next most likely scenario.
The company has substantial insider ownership that would require a control premium to the market, not just the customary 35-40% premium paid for widely held companies. Often thinly traded, closely held public companies have takeover premiums of 60% or more.
Whatever the strategic option chosen, TMG will trade at a higher price and shareholders will be rewarded.