LBO/Sec 338

Is it common practice to use a reverse subsidiary cash merger structure for LBO's between target, merger "sub", and sponsor-group "parent"?

By just looking at published preliminary proxies, there doesn't seem to be a commonly used tax structure. What's the safest practice? I know they're taxable stock purchases, but could they also be using section 338 elections to step up the target's assets?

 
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