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.
Tokbolat, Y., Thompson, S., & Le, H. (2018). Shareholder voting in mergers and acquisitions: evidence from the UK. European Journal of Finance, 25(9), 815-834. https://doi.org/10.1080/1351847X.2018.1552602