Company: BWAY
Filing Date: 2025-04-22
Form Type: F-3
Source: 0001171843-25-002378
Chunk: 19

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: F-3
Chunk 19
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 or on the offeror’s behalf,
including their relatives or companies under their control, are not taken into account.

In the event that a special tender offer is made, a
company’s board of directors is required to express its opinion on the advisability of the offer or must abstain from expressing
any opinion if it is unable to do so, provided that it gives the reasons for its abstention.

An office holder in a target company who, in his or
her capacity as an office holder, performs an action the purpose of which is to cause the failure of an existing or foreseeable special
tender offer or is to impair the chances of its acceptance, is liable to the potential purchaser and shareholders for damages resulting
from his acts, unless such office holder acted in good faith and had reasonable grounds to believe he or she was acting for the benefit
of the company. However, office holders of the target company may negotiate with the potential purchaser in order to improve the terms
of the special tender offer and may further negotiate with third parties in order to obtain a competing offer.

If a special tender offer was accepted by a majority
of the shareholders who announced their stand on such offer, then shareholders who did not respond to the special offer or had objected
to the special tender offer may accept the offer within four days of the last day set for the acceptance of the offer. In the event that
a special tender offer is accepted, then the purchaser or any person or entity controlling it and any corporation controlled by them must
refrain from making a subsequent tender offer for the purchase of shares of the target company and may not execute a merger with the target
company for a period of one year from the date of the offer, unless the purchaser or such person or entity undertook to effect such an
offer or merger in the initial special tender offer.

Full Tender Offer

A person wishing to acquire shares of an Israeli public
company and who would as a result hold over 90% of the issued and outstanding share capital of the company or of a certain class of shares
is required to make a tender offer to all of the shareholders who hold shares of the same class for the purchase of all of the issued
and outstanding shares of the same class.

If the shareholders who do not respond to or accept
the offer hold less than 5% of the issued and outstanding share capital of the company or of the applicable class of the shares, and more
than half of the shareholders who do not have a personal interest in the offer accept