A leveraged buyout = an investor (like a private company) taking on a lot of debt in order to buy out another company that is publicly traded, and then delisting it so it is no longer a publicly traded company. That basically means that the ownership of the company completely changes hands, and it is no longer responsible to public shareholders.
When a company *buys back* shares, it is just making its own control over itself stronger and less vulnerable to mass buyouts by others. It does not change ownership.
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