Initial voting results show Procter & Gamble successfully fending off an attempt by activist investor Nelson Peltz to capture a seat on its board, though he did not immediately concede, saying it was too close.
Shares in the consumer products giant are down following the vote at Procter & Gamble's headquarters in Cincinnati on Tuesday.
"We are encouraged that shareholders recognize P&G is a profoundly different, much stronger, more profitable company than just a few years ago," the company said.
Peltz's Trian Fund Management, which owns about $3.5 billion in P&G shares, said moments after the vote that it would await certified results, which appeared to have been decided by a razor-thin margin.
"This was a big fight," Peltz told CNBC outside of P&G headquarters.
Almost 40 percent of P&G shareholders are small investors, and the final result appeared to pit them against institutional investors More