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.

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

(i) the offer is publicly recommended by the board of the Target; or
(ii) the Panel is satisfied that it is likely to prove impossible to obtain the authorisation or clearance within the Takeover Rules timetable.