Acceptance condition invocation notice (ACIN) meaning

A market announcement by a bidder in a UK public takeover stating that, unless the acceptance condition is satisfied by a specified date, it will invoke that condition and the offer will lapse. Under Rule 31.6 of the City Code on Takeovers and Mergers, an acceptance condition invocation notice (ACIN) must be published on or after Day 21 and may set a lapsing date earlier than the unconditional date (normally Day 60), thereby accelerating the offer timetable. The ACIN is a Code concept (not defined in statute or case law). It is typically released via a Regulatory Information Service and must clearly state the date by which the acceptance condition must be met. If that threshold is not reached by the stated date, the offer must lapse in accordance with the Code, unless the Takeover Panel permits otherwise or the timetable changes under the Code. Practically, an ACIN provides timetable certainty, manages shareholder expectations and can exert deal pressure in competitive or recommended transactions. Usage and meaning are consistent across England & Wales, Scotland and Northern Ireland. In Ireland, analogous lapsing notices exist under the Irish Takeover Rules, but the specific ACIN label and the Rule 31.6 mechanism are UK‑specific.