Company: CTLPP
Filing Date: 2025-07-24
Form Type: DEFM14A
Source: 0001140361-25-027048
Chunk: 78

Company: CANTALOUPE, INC.
Filing Date: 2025-07-24
Form: DEFM14A
Chunk 78
---
 of $30.0 million (approximately 3.7% of equity value, based on the June 10 365 Proposal) and a longer “end date” in the merger agreement.

Later that same day, Party D delivered a final, revised proposal to acquire 100% of Cantaloupe’s common stock for $10.50 per share in cash (which we refer to as the “June 11 Party D Proposal”), which proposal represented a 25.4% premium to the unaffected stock price. The June 11 Party D Proposal of $10.50 per share represented an increase of $0.50 per share relative to the per share price included in the June 10 Party D Proposal.

On June 12, 2025, 365 delivered a final, revised proposal to acquire 100% of Cantaloupe’s common stock for $11.20 per share in cash (which we refer to as the “June 12 365 Proposal”), which proposal represented a 33.8% premium to the unaffected stock price. The June 12 365 Proposal of $11.20 per share represented an increase of $0.45 per share relative to the per share price included in the June 10 365 Proposal. The June 12 365 Proposal indicated that 365 would permit management and directors of Cantaloupe to roll over any portion of their equity, but that the June 12 365 Proposal was not conditioned upon any level of rollover, and that 365 planned for a majority of Cantaloupe’s senior management to have a meaningful go-forward role with the 365 following the closing of the proposed transaction.

Later on June 12, 2025, representatives of King & Spalding discussed with representatives of Weil the terms of the merger agreement. Representatives of Weil described certain terms of the merger agreement that 365 would be willing to accept, including a company termination fee of $31.5 million (approximately 3.7% of equity value, based on the June 12 365 Proposal). Representatives of King & Spalding and Weil also discussed the length of an extension to the “end date” of the merger agreement. Consistent with the June 12 365 Proposal, representatives of Weil also indicated that 365 would permit management and directors of Cantaloupe to roll over any portion of their equity, but that discussions related to any rollovers would not occur until after execution of a definitive merger agreement.

During the evening