Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 228

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 10
Chunk 228
---
 among our current shareholders), our by-laws require that any acquisition
of our Series A shares (whether directly or by acquiring ADSs or CPOs), resulting in beneficial ownership of shares representing
5% or more of our outstanding capital stock, or any proposal by any person or group of persons to enter into an agreement among shareholders
that would result in such person or group of persons effectively having control of the voting rights of 20% or more of our outstanding
capital stock or will result in a change of control, will require the prior approval of our board of directors.

In the event that approval is not granted, our board of directors
or our shareholders may decide, among other things, to require any such person or group of persons to reverse the transaction or to transfer
the Series A shares (whether held directly or through ADSs or CPOs) to a third party interested in acquiring the securities at a
reference price specified by our board of directors. In addition, such person or group of persons desiring to purchase 5% or more of our
outstanding capital stock will be required to follow certain procedures, including observing certain time periods specified in our by-laws.

Any potential purchaser who proposes to acquire our Series A
shares (whether directly or by acquiring ADSs or CPOs), resulting in beneficial ownership of 20% or more of our outstanding capital stock,
will be required to make a tender offer for 100% of our outstanding capital stock (including any Series A shares evidenced by CPOs
or ADSs) at a price at least equal to the highest of (i) the most recent publicly reported book value per share, (ii) the highest
trading price of our Series A shares on the Mexican Stock Exchange within the 365 days prior to the request for approval or approval
of the board of directors of the relevant transaction, and (iii) the highest price per share or CPO, as the case may be, paid by
the purchaser or, in the case of the ADSs the equivalent thereto, plus, in each case, a 30% premium or a different premium determined
by our board of directors, considering the opinion of a reputable investment bank.

  134  

  Table of Contents  

Any acquisition of our Series A shares, CPOs or ADSs
in contravention of the procedures described above will result in the purchaser not having any voting rights in respect to the purchased
securities. No transfer in breach of these provisions will be