Advisory firm Proxy Governance Inc. said Thursday that Applebee’s shareholders should vote against the proposed sale of the company to Ihop Corp. for $1.9 billion, while another firm, Glass Lewis & Co., indorsed the deal.

Proxy Governance said the deal price represents “relatively modest” premiums over the average closing price of the stock over one-year, three-year and five-year periods and added that it is “not convinced that the offer represents the best value for shareholders.”

Glendale-based Ihop said July 16 that it planned to buy the chain in a deal valued at $25.50 per share.

“The recommendation of Glass Lewis supports the Applebee’s board’s decision that this sale is in the best interest of Applebee’s shareholders,” Applebee’s spokeswoman Laurie Ellison said in a statement. “We respectfully disagree with Proxy Governance’s recommendation.”

Applebee’s shareholders are scheduled to vote Oct. 30 on whether to accept the proposal.