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Shareholder voting in mergers and acquisitions: evidence from the UK

Tokbolat, Yerzhan; Thompson, Steve; Le, Hang


Yerzhan Tokbolat

Professor of Strategic Management

Associate Professor


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.

Journal Article Type Article
Publication Date Nov 30, 2018
Journal The European Journal of Finance
Print ISSN 1351-847X
Electronic ISSN 1466-4364
Publisher Taylor & Francis (Routledge)
Peer Reviewed Peer Reviewed
Pages 1-20
APA6 Citation Tokbolat, Y., Thompson, S., & Le, H. (2018). Shareholder voting in mergers and acquisitions: evidence from the UK. European Journal of Finance, 1-20.
Keywords Economics, Econometrics and Finance (miscellaneous)
Publisher URL
Additional Information Peer Review Statement: The publishing and review policy for this title is described in its Aims & Scope.; Aim & Scope: http://www.tandfonline....cope&journalCode=rejf20


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