The short-term goal is to get 35 percent of Disney's shareholders to withhold their votes.

It said its offer had lapsed after receiving support from only 47 percent of Wolverhampton's shareholders.

About 90 percent of the company's shareholders are employees.

The offer needs the support of 75 percent of Manchester United's shareholders for approval.

Atlanta-based Contel said about 97 percent of its shareholders had approved the deal.

MGM said 99.3 percent of its shareholders exercised their rights.

The proposal passed, with 52 percent of Allergan's shareholders voting for it.

Twenty percent of Paribas's shareholders have sold their shares, for example.

"With 78 percent of its shareholders in favor, they can't just keep saying no," he said.

Such a step, which requires the support of 50 percent of the bank's shareholders, is a precursor to filing legal charges.