Company: BPAC
Filing Date: 2025-10-22
Form Type: S-1/A
Source: 0001185185-25-001525
Chunk: 206

Company: Blueport Acquisition Ltd
Filing Date: 2025-10-22
Form: S-1/A
Chunk 206
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 certain circumstances, schemes of
arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred
to in the Cayman Islands as a “scheme of arrangement” which may be tantamount to a merger. In the event that a merger was
sought pursuant to a scheme of arrangement (the procedure of which are more rigorous and take longer to complete than the procedures typically
required to consummate a merger in the United States), the arrangement in question must be approved by a seventy-five percent (75%) in
value of the shareholders or class of shareholders, as the case may be, that are present and voting either in person or by proxy at a
meeting, or meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned
by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the
transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:

| ● | we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote have been complied with; |

| ● | the shareholders have been fairly represented at the meeting in question; |

| ● | the arrangement is such as a businessman would reasonably approve; and |

| ● | the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a “fraud on the minority.” |

If a scheme of arrangement or
takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights, which
would otherwise ordinarily be available to dissenting shareholders of United States corporations, providing rights to receive payment
in cash for the judicially determined value of the shares.

Squeeze-out Provisions. When a
takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates is made within four months after making
such offer, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares 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 unless there is evidence
of fraud, bad faith, collusion or inequitable treatment of the shareholders.

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Further, transactions similar
to a merger,