A condition of a takeover offer relating to the minimum number of acceptances by target shareholders which the bidder is seeking to obtain. The Takeover Code requires the acceptance condition to be set at shares carrying over 50% of the voting rights in the target company. Except with the consent of the Panel, the acceptance condition must not be capable of being satisfied until all of the other conditions to the offer have been either satisfied or waived.

For further information, see Practice notes, Takeovers: overview: Acceptance condition and Takeover Code know-how: Rule 10.