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Shareholder voting in mergers and acquisitions: evidence from the UK

Tokbolat, Yerzhan; Thompson, Steve; Le, Hang


Yerzhan Tokbolat

Steve Thompson

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.


Tokbolat, Y., Thompson, S., & Le, H. (2019). Shareholder voting in mergers and acquisitions: evidence from the UK. European Journal of Finance, 25(9), 815-834.

Journal Article Type Article
Acceptance Date Nov 21, 2018
Online Publication Date Nov 30, 2018
Publication Date Jun 13, 2019
Deposit Date Jan 14, 2019
Publicly Available Date May 31, 2020
Journal The European Journal of Finance
Print ISSN 1351-847X
Electronic ISSN 1466-4364
Publisher Routledge
Peer Reviewed Peer Reviewed
Volume 25
Issue 9
Pages 815-834
Keywords Economics, Econometrics and Finance (miscellaneous)
Public URL
Publisher URL
Additional Information Peer Review Statement: The publishing and review policy for this title is described in its Aims & Scope.; Aim & Scope:


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