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SAO PAULO, Oct 20 (Reuters) - Brazilian juice maker Grupo Cutrale and investment firm Safra Group criticized late on Monday a decision by proxy advisory firm Institutional Shareholder Services to advise shareholders of Chiquita Brands International Inc to vote in favor of a revised offer from rival Fyffes Plc this week.
In a reversal of its previous stance, ISS said that while Fyffes' revamped offer worth $11.80 per share in stock is lower than Cutrale's and Safra's $14 per share offer, it gives shareholders of Chiquita more control of the combined company.
Cutrale-Safra in a statement said the ISS recommendation "runs counter to the valuation that the investment marketplace has placed on the Fyffes transaction," and warned that Chiquita shares will be subject to downward pressure unless their all-cash offer is accepted. (Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker)