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In a transaction referred to as a management buyout (MBO):

A an investor group that includes management buys all the shares of a company and they no longer trade on an exchange.

Management buyout refers to a situation where an investor group that includes the firms key management purchases all the outstanding shares (not just a controlling interest) of a public company in order to take it private. Once this is done, the shares are no longer registered for public trading and, as a result, are no longer traded on exchanges or in other public markets.