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Leveraged buyouts don't target companies with simple ownership. They depend on firms with equity split among many parties, some of whom will be utterly disengaged from the firm's daily operations - say, the kids of an early employee who got a big stock grant but left before the company grew up. The looter needs to convince a few of these "owners" to force a vote on the acquisition, and then rely on the idea that many of the other shareholders will simply abstain from a vote.

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