Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 50

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 50
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. In addition, a majority
of each class of securities of the target company must approve a merger. Moreover, a tender offer for all of a company’s issued
and outstanding shares can only be completed if the acquirer receives the approval of at least 95% of the issued share capital (provided
that a majority of the offerees that do not have a personal interest in such tender offer shall have approved the tender offer, except
that if the total votes to reject the tender offer represent less than 2% of the company’s issued and outstanding share capital,
in the aggregate, approval by a majority of the offerees that do not have a personal interest in such tender offer is not required to
complete the tender offer). Furthermore, the shareholders, including those who indicated their acceptance of such a tender offer,
may, at any time within six months following the completion of the tender offer, claim that the consideration for the acquisition of the
shares did not reflect their fair market value and petition an Israeli court to alter the consideration for the acquisition accordingly
(unless the acquirer stipulated in its tender offer that a shareholder that accepts the offer may not seek appraisal rights, and the acquirer
or the company published all required information with respect to the tender offer prior to the date indicated for response to the tender
offer).

Furthermore, Israeli tax considerations may make potential transactions
unappealing to us or to our shareholders, such as for those whose country of residence does not have a tax treaty with Israel exempting
such shareholders from Israeli tax. For example, Israeli tax law does not recognize tax-free share exchanges to the same extent as U. S.
tax law. With respect to mergers, Israeli tax law allows for tax deferral in certain circumstances but makes the deferral contingent on
the fulfilment of numerous conditions, including, in some cases, a holding period of two years from the date of the transaction during
which sales and dispositions of shares of the participating companies are subject to certain restriction. Moreover, with respect to certain
share swap transactions, the tax deferral is limited in time, and when such time expires, the tax becomes payable, even if no actual disposition
of the shares has occurred.

Further, our Articles of Association, as currently in effect, provide
that our directors (other than external directors, if any) are elected on a staggered basis, such that a potential acquirer cannot readily
replace our entire board of directors at a single annual general shareholder meeting; rather, at