Ademi LLP is investigating AgroFresh (Nasdaq: AGFS) for possible breaches of fiduciary duty and other violations of law in its transaction with Paine Schwartz.
Ademi LLP alleges AgroFresh’s financial outlook and prospects are excellent and yet AgroFresh equity holders are expected to collectively own only $3.00 per share in cash. The transaction agreement unreasonably limits competing bids for AgroFresh by imposing a significant penalty if AgroFresh accepts a superior bid. AgroFresh insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of AgroFresh’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for AgroFresh.