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TLtd is a pioneer in the Indian steel industry and wants to make a global presence by acquisition of a foreign company. It has identified another steel company in Europe which is five times its size. T Ltd is keen to acquire this company as the acquisition can make it the third largest steel manufacturer in the world. But it will need to borrow a huge amount of debt in order to fund its acquisition. You are the CFO of T Ltd and need to answer the following questions: (a) Write in detail what you understand by a Leveraged Buy Out? ( 5 Marks ) (b) Describe any 3 characteristics of a good LBO candidate (5 Marks )