Shareholder voting in mergers and acquisitions: evidence from the UK

Yerzhan Tokbolat, Steve Thompson and Hang Le

The European Journal of Finance, 2019, vol. 25, issue 9, 815-834

Abstract: 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.

Date: 2019
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DOI: 10.1080/1351847X.2018.1552602

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