Investopedia explains 'Going Private'
A company typically goes private when its stakeholders decide that there are no longer significant benefits to be garnered as a public company. Privatization will usually arise either when a company's management wants to buy out the public shareholders and take the company private (a management buyout), or when a company or individual makes a tender offer to buy most or all of the company's stock. Going private transactions generally involve a significant amount of debt.
Companies are often taken private when they need time to restructure their debt or operations prior to becoming a public corporation once again.
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