Acceptance condition definition

What does Acceptance condition mean?

A condition to an offer as to the minimum level of acceptances of an offer below which the offeror may decline to proceed with the offer. Rule 10.1 requires any offer for voting equity share capital or for other transferable securities carrying voting rights to include an acceptance condition that is not capable of being satisfied unless the offeror has acquired or agreed to acquire (either pursuant to the offer or otherwise) shares carrying over 50% of the voting rights. Rule 9.3 requires that a mandatory offer must be conditional only on acceptances being received which, together with shares acquired (or agreed to be acquired) before or during the offer, will result in the offeror and its concert parties holding shares carrying more than 50% of the voting rights in the offeree.

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