In a reverse merger, a closely held corporation buys a publicly traded shell company and retains its U.S. listing.
From the businessweek.com
U.S. businessmen eager to invest in Japan's dazzling economy have long complained that Japan, Inc. is a very closely held corporation.
From the time.com
This means that people invested in a publicly traded company will each take a much smaller hit to their own capital as opposed to those involved with a closely held corporation.