Company: FUFU
Filing Date: 2025-04-03
Form Type: F-3
Source: 0001213900-25-028397
Chunk: 23

Company: Bitfufu Inc.
Filing Date: 2025-04-03
Form: F-3
Chunk 23
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 the grounds that the merger or consolidation is
void or unlawful.

Separate from the statutory
provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction
and amalgamation of companies by way of schemes of arrangement; provided that the arrangement is approved by a majority in number of each
class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value
of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting,
or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand
Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought
not to be approved, the court can be expected to approve the arrangement if it determines that:

| ● | the statutory provisions as to the required majority vote have been met; |

| ● | the shareholders have been fairly represented at the meeting in question and the statutory majority are 
 acting bona fide without coercion of the minority to promote interests adverse to those of the class;   |

| ● | the arrangement is such that may be reasonably approved by an intelligent and honest man of that class 
 acting in respect of his interest; and                                                                 |

| ● | the arrangement is not one that would more properly be sanctioned under some other provision of the Companies 
 Act.                                                                                                          |

The Companies Act also contains
a statutory power of compulsory acquisition that may facilitate the “squeeze out” of dissentient minority shareholders upon
a tender offer. When a tender offer is made and accepted by holders of 90.0% of the shares affected within four months, the offeror may,
within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares
to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but
this is unlikely to succeed in the case of an offer that has been so approved unless there is evidence of fraud, bad faith or collusion.

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If an arrangement and reconstruction
by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted in accordance with the foregoing
statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights