Unconditional as to acceptances definition

For firm offers announced before 5 July 2021, this was the time when the acceptance condition to the offer was satisfied or waived by the offeror. In practice, an offeror would usually set the acceptance level above 50%, eg 90% of each class of shares to which the offer relates, while retaining the right to waive this condition and reduce the percentage to a lower level (still exceeding 50%) at a later date. The offeror could then declare the offer unconditional as to acceptances at the lower level, usually for tactical reasons, eg to cause a competitive offer to be withdrawn. Note that the Code now provides that the acceptance condition is not capable of being satisfied unless and until all other offer conditions are satisfied or waived. The effect of this is that an offer cannot become or be declared unconditional as to acceptances while other offer conditions remain outstanding.