Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 306

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 306
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 an interested stockholder. However, in approving the transaction, the board
of directors may provide that its approval is subject to compliance, at or after the time of the approval, with any terms and conditions
determined by the board.

After the five-year prohibition,
any such business combination between the corporation and an interested stockholder generally must be recommended by the board of directors
of the corporation and approved by the affirmative vote of at least: (i) 80% of the votes entitled to be cast by holders of outstanding
voting stock of the corporation and (ii) two-thirds of the votes entitled to be cast by holders of voting stock of the corporation
other than voting stock held by the interested stockholder or its affiliate with whom the business combination is to be effected, or
held by an affiliate or associate of the interested stockholder, voting together as a single voting group.

These super majority vote
requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under the MGCL, for their
shares of common stock in the form of cash or other consideration in the same form as previously paid by the interested stockholder for
its shares of common stock.

None of these provisions
of the MGCL will apply, however, to business combinations that are approved or exempted by the board of directors of the corporation
prior to the time that the interested stockholder becomes an interested stockholder. Pursuant to the business combination statute, our
board of directors has exempted any business combination involving us and any person, provided that such business combination is first
approved by our board of directors. Consequently, the five-year prohibition and the super majority vote requirements will not apply to
business combinations between us and any person that are first approved by our board of directors. As a result, any such person may be
able to enter into business combinations with us that may not be in the best interest of our stockholders, without compliance with the
super majority vote requirements and other provisions of the statute.

Should our board of directors
opt into the business combination statute or fail to first approve a business combination, it may discourage others from trying to acquire
control of us and increase the difficulty of consummating any offer.

Control Share Acquisitions

The MGCL provides that a
holder of control shares of a Maryland corporation acquired in a control share acquisition have no voting rights with respect to such
shares except to the extent approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the