Shareholder voting in mergers and acquisitions: evidence from the UK

Yerzhan Tokbolat, Steve Thompson, Hang Le

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


This paper examines the determinants and consequences of shareholder voting on mergers and acquisitions using a sample of resolutions approved by shareholders of UK publicly listed firms from 1997 to 2015. We find that dissent on M&A resolutions is negatively related to bidder announcement returns and positively related to shareholders’ general dissatisfaction towards the management. Shareholder dissent is an important predictor of the announcement returns of subsequent M&A deals. We also report an increase in shareholder dissent after the 2007–2008 financial crisis.
Original languageEnglish
Pages (from-to)815-834
JournalEuropean Journal of Finance
Issue number9
Early online date30 Nov 2018
Publication statusPublished - Jun 2019


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