What would happen if you acquired majority interest in a public company, then took over board and took company private. You'd have to buyout remaining shareholders, of which you'd be the majority shareholder, so you could vote on the buyout price. Who would then own the company, the debt holders?
Company is always owned by the shareholders unless there is a bankruptcy. Debt holders own no ownership. In the example you offered, you would own the company. The board during the buyout would likely have to hire an outside firm to make sure you are paying a fair price for the balance of the company you bought during the buyout.
What safe guards prevent this from happening all the time. A group of investors could acquire majority over time.
Most companies are not trading with enough value to go private. But it happens. Dell went private last year.
It's very hard to buy enough shares without being in charge. The management can keep issuing new shares and dilute your stake, making 50% a receding target. If you make it that far, you'll still have to pay off lots of those class action lawyers and deal with dissenters rights if people don't like the buyout price you set. PE firms do this, but it's not easy and normally they pay a ~30% premium to get everyone to agree it's a good price.
even if you are majority, you can't buy out minority holders at any price you like. the voting system and company law are not that simple you idiot.