Independent directors at Charlie's Group are recommending that shareholders accept a takeover offer for the juice maker of $129 million by Asahi Beverages.
Asahi offered 44 cents per share. An appraisal report found that to be at the upper end of the range, between 41 - 45 cents.
The independent directors say they intend to accept the bid by the Japanese brewer in the absence of a better offer.
Charlie's major shareholders, who between them own 52% of the company, have committed to selling their stakes to Asahi.