Independent Arbitrator Dismisses Baseless Claims, Paving the Way for a Promising Future in the Fruit Breeding Industry
BAKERSFIELD, CA (July 12, 2023) – International Fruit Genetics, LLC (IFG), the world’s largest table grape breeder, which boasts 48 patented table grape varieties and ten patented sweet cherry varieties, announced that the acquisition of IFG by Special New Fruit Licensing Limited (SNFL, a consortium backed by AMFRESH) is expected to conclude in the coming weeks, following the approval of the transaction by the European Commission and the resounding verdict in the arbitration proceedings affirming that the transaction is proper and may proceed to closing.
In March 2022, IFG and SNFL entered into an asset purchase agreement for the purchase of the entire IFG business by SNFL. Minority owner Jack Pandol, outbid by SNFL in an auction process conducted by Credit Suisse, resorted to unfounded legal action to try to block the transaction.
He also has waged a persistent disinformation campaign claiming his rights had been violated, he was being treated wrongfully, and that the asset purchase agreement was unlawful.
These claims have always been without basis, and an independent arbitrator has now confirmed it. After an eight-day evidentiary hearing that considered all of Mr. Pandol’s allegations, the arbitrator – a highly respected retired judge – rejected all of Mr. Pandol’s claims. The arbitrator held that no contract has been breached, no fiduciary duties disregarded, and that IFG’s managers ran the sales process properly and respected Mr. Pandol’s rights – and entered into a lawful asset purchase agreement. The arbitrator held that the transaction may go forward.
With the anticipated completion of the ongoing regulatory review process, the transaction is expected to close within the next few weeks. With the regulatory review nearing completion, IFG, AMFRESH, and SNFL are excited about the vibrant opportunities this acquisition will unlock for the industry as a whole.
About IFG:
Headquartered in Bakersfield, Calif., IFG is the world’s largest premium fruit-breeding company. Founded in 2001, the company is internationally recognized for its top quality, non-GMO fruit varieties in the table grape, cherry and raisin industries that were pioneered by the company’s co-founder and former Lead Plant Breeder, world-renowned fruit scientist Dr. David Cain. Following Dr. Cain’s retirement, the team is now led by Dr. Chris Owens. IFG patents and licenses its varieties to worldwide marketers and growers, with licensees in 18 countries and its fruit actively marketed in over 30 countries. For more information, visit www.ifg.world.
