Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 220

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 9
Chunk 220
---
 or sales that occur within any three-month
or five-day period and that exceed certain value thresholds. The Mexican Securities Market Law requires that convertible securities, warrants
and derivatives to be settled in kind be taken into account in the calculation of share ownership percentages of public companies.

The LMV requires that convertible securities, warrants, and
derivatives to be settled in kind be considered in determining whether any of the foregoing percentages is reached or affected.

  129  

  Table of Contents  

Tender Offers

The LMV contains provisions relating to public tender offers
and certain other share acquisitions occurring in Mexico. Under the Securities Market Law, tender offers may be voluntary or mandatory.
Voluntary tender offers, or offers where there is no requirement that they be initiated or completed, are required to be made pro rata.
Any intended acquisition of a public company’s shares that results in the acquirer owning 30% or more, but less than a percentage
that would result in the acquirer obtaining control, of a company’s voting shares requires the acquirer to make a mandatory tender
offer for the greater of (a) the percentage of the capital stock intended to be acquired, or (b) 10% of the company’s outstanding
capital stock. Finally, any intended acquisition of a public company’s shares that is aimed at obtaining control requires the potential
acquirer to make a mandatory tender offer for 100% of the company’s outstanding capital stock (however, under certain circumstances,
the CNBV may permit an offer for less than 100%). The tender offer must be made at the same price to all shareholders and classes of shares.
The board of directors, with the advice of the audit committee, must issue its opinion in respect of the fairness of the price applicable
to any tender offer resulting in a change of control, which opinion must take minority shareholder rights into account and which may be
accompanied by an independent fairness opinion. Directors and officers of a public company, in respect of which a tender offer has been
made, must disclose whether or not each of them will tender his respective shares in the tender offer.

Under the LMV, all tender offers must be open for at least
20 business days and purchases thereunder are required to be made pro rata to all tendering shareholders. The Mexican Securities Market
Law also permits the payment of certain amounts to controlling shareholders over and above the offering price if these amounts are fully
disclosed, approved by the board of directors, and paid solely in connection with non-compete or