Acquisitions before a firm offer announcement

1. Except with the consent of the Panel in cases falling under (i) or (ii), when an offeror or any person acting in concert with it has acquired an interest in shares in the offeree company:

   1. within the three month period prior to the commencement of the offer period; or

   2. during the period, if any, between the commencement of the offer period and an announcement made by the offeror in accordance with Rule 2.7; or

   3. prior to the three month period referred to in (i), if in the view of the Panel there are circumstances which render such a course necessary in order to give effect to General Principle 1,

   the offer to the holders of shares of the same class shall not be on less favourable terms.

2. If an acquisition of an interest in shares in the offeree company has given rise to an obligation under Rule 11, compliance with that Rule will normally be regarded as satisfying any obligation under this Rule in respect of that acquisition.

3. In the case of an acquisition under Rule 6.1(a)(ii), an immediate announcement may be required in accordance with Rule 7.1.