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SAO PAULO, Oct 21 (Reuters) - Shareholders of Chiquita Brands International Inc. should consider alternatives to a proposed merger with Irish produce firm Fyffes Plc, proxy advisory firm Glass Lewis said on Tuesday.
Glass Lewis said Chiquita's board "continues to rely primarily on assumptions-driven analyses" of the combined entity's net present value.
On Monday proxy advisory firm Institutional Shareholder Services recommended Chiquita shareholders vote for a plan to merge with Fyffes and reject a counteroffer from Brazilian juice maker Grupo Cutrale and investment firm Safra Group. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)