Gringoboy
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The precedent is Menem/Nestor Kirchner in 2003.
This from Wikipedia:
Menem obtained the most votes in the first round, but far short of a first-round victory (about 25%), so a runoff election against Kirchner was required, and was scheduled for May 18. After two terms in office from 1989 to 1999, Menem's popularity remained very low. With polls showing Kirchner headed for a landslide victory (polls showed him leading Menem by anywhere from a 35 to a 50% margin),[sup][4][/sup] Menem withdrew from the runoff on May 14, and Néstor Kirchner immediately became the president-elect.[sup][5][/sup]
This from Wikipedia:
Menem obtained the most votes in the first round, but far short of a first-round victory (about 25%), so a runoff election against Kirchner was required, and was scheduled for May 18. After two terms in office from 1989 to 1999, Menem's popularity remained very low. With polls showing Kirchner headed for a landslide victory (polls showed him leading Menem by anywhere from a 35 to a 50% margin),[sup][4][/sup] Menem withdrew from the runoff on May 14, and Néstor Kirchner immediately became the president-elect.[sup][5][/sup]