Which of the following statements accurately describes characteristics of a leveraged buyout as discussed in lectures?

Group of answer choices

(a) Leveraged buyouts are the acquisitions of mature companies by private equity firms, with the aim of improving their performance and then exiting the investment at a higher value.

(b) Targets of leveraged buyout activity tend to be companies with volatile cash flows - as the probability of realizing large positive returns is greater.

(c) The first stage of a leveraged buyout generally involves the private equity firm acquiring an unlisted company and immediately listing it on the stock exchange.

(d) More than one of the above.

(e) None of the above.