Shareholder voting in mergers and acquisitions: evidence from the UK |
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| Authors: | Yerzhan Tokbolat Steve Thompson Hang Le |
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| Institution: | 1. Nottingham Business School, Nottingham Trent University, Nottingham, UK;2. Nottingham University Business School, Nottingham, UK |
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| 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. |
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| Keywords: | Shareholder voting mergers and acquisitions director remuneration reports financial crisis |
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