Which of the following are commonly used sources of funding for leveraged buyouts?
A. a. Secured debt
B. Unsecured debt
C. Preferred stock
D. Seller financing
E. All of the above
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Which of the following is generally not considered a characteristic of a financial buyer?
A. Focus on short-to-intermediate returns
B. Concentrate on actions that enhance the ability of target firm’s ability to generate cash flow to satisfy debt service requirements
C. Intend to own the business for very long periods of time
D. Manage the business to maximize return to equity investors
E. All of the above
Which of the following is not true about attractive LBO candidates?
A. Most assets tend to be encumbered
B. Have low leverage
C. Have predictable cash flow
D. Have assets that are not critical to the ongoing operation of the firm
E. Are in mature, moderately growing industries
Factors that are most likely to contribute to the magnitude of premiums paid to LBO target firm shareholders are
A. Tax benefits
B. Improved operating efficiency
C. Improved decision making
D. A, B, and C
E. A and C only
Premiums paid to LBO firm shareholders average
A. 20%
B. 70%
C. 5%
D. Less than typical mergers
E. More than typical mergers
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