The vote was held at an extraordinary shareholders meeting, which Toshiba convened in an effort to demonstrate its ability to come up with a convincing business strategy to lift the company’s sagging bottom line.

The Japanese industrial conglomerate unveiled the breakup plan in February as part of an effort to focus on the company’s strengths and boost profitability. Under the plan, Toshiba was to split into two public companies, one specialising in infrastructure and the other in electronic devices.

But the initiative met with opposition from foreign shareholders, including activists, who pointed to various execution risks and questioned Toshiba’s ability to turn itself around on its own.

The vote is not binding, but the shareholders rejection of the proposal will make it difficult for Toshiba to proceed.

The company is likely to explore other options, which may include selling itself to a buyout fund and going private, an idea strongly advocated by activist shareholders.