Glencore - what if....?

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Obviously Glencore shares are doing wonderfully at the moment.

One of the reports suggests that if the current slide continues, it would make sense for there to be a management buyout and for it to go private.

In that scenario, what happens to the existing shareholders?

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What's the mechanics of that, though? Does it use the last listed market price of the shares to determine the redemption value for existing shareholders, or if not how is the valuation done?