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With interest rates at historic lows, and the economy slowly strengthening, leveraged buyouts (LBOs) remain a popular means of corporate recapitalization. Whether initiated by private equity sponsors or company founders and insiders, LBO transactions permit the corporation to reconfigure, streamline and improve its business outside the glare of the public company spotlight. Moreover, LBOs present an opportunity for public company shareholders: sale of their company stock to the LBO sponsors at a premium, without assuming further risk associated with the transaction or the now-private company.