‹ Guidance on Paragraph 11 12.1 SUBJECTIVITY › PARAGRAPH 12 PRE-CONDITIONS IN FIRM OFFER ANNOUNCEMENTS AND OFFER CONDITIONS 12.1 SUBJECTIVITY 12.2 ACCEPTABILITY OF PRE-CONDITIONS 12.3 FINANCING CONDITIONS AND PRE-CONDITIONS 12.4 INVOKING CONDITIONS AND PRE-CONDITIONS 12.5 INVOKING TARGET PROTECTION CONDITIONS ‹ Guidance on Paragraph 11 12.1 SUBJECTIVITY ›