Acceptability of pre-conditions

1. The Panel must be consulted in advance if a person proposes to include in an announcement any pre-condition to which the making of an offer will be subject.

2. Except with the consent of the Panel, an offer must not be announced subject to a pre-condition unless the pre-condition involves an official authorisation or regulatory clearance relating to the offer and either:

   1. the offeree company agrees to the pre-condition; or

   2. the authorisation or clearance is a material official authorisation or regulatory clearance.