A company who has a small group of controlling shareholders. In contrast, a widely-held firm has many shareholders. It is difficult or impossible to wage a proxy battle for any closely-held firm. Bloomberg Financial Dictionary
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closely held company UK US noun [C] (also closely held corporation, also close company)
► FINANCE, STOCK MARKET a company whose shares are publicly traded, but most of whose shares are owned by five people or fewer: »
Being a closely held company means being able to take risks and try new things - the creative part of business.
Financial and business terms. 2012.