WEEKS ONE THROUGH THREE: Preliminary work on values and price discussions. WEEK FOUR: Meet with banks to discuss loans. WEEK FIVE: Banks work to refine a loan structure. WEEK SIX: Management decides whether to pursue LBO. WEEK SEVEN: Directors are quietly informed and asked to secretly form an “independent” committee to analyze any LBO proposal. WEEK EIGHT: Management prepares a merger agreement. WEEK NINE: Management makes an initial proposal to the board. Negotiations begin with the independent committee. A press release is issued stating the board is “considering a buyout proposal.” WEEK
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