Company: CTLPP
Filing Date: 2025-07-11
Form Type: PREM14A
Source: 0001140361-25-025663
Chunk: 77

Company: CANTALOUPE, INC.
Filing Date: 2025-07-11
Form: PREM14A
Chunk 77
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 Proposal provided Cantaloupe with the most certainty of execution and closing, taking into account each such potential acquiror’s progress in the diligence and negotiation processes to date and timeline to execution of a definitive agreement, as compared to the less certain June 10 Party B Proposal and June 10 Party C Proposal. The Transaction Committee then discussed with Cantaloupe’s management and representatives of J.P. Morgan and King & Spalding the potential for Cantaloupe to obtain increased offers from 365 and Party D. Following such discussion, the Transaction Committee directed J.P. Morgan to seek revised offers from each of 365 and Party D. The Transaction Committee also authorized Cantaloupe’s management to obtain additional information from 365 and Party D regarding the general terms of post-closing employment that those parties would be willing to provide to Cantaloupe’s employees, including Cantaloupe’s executive officers. As part of this authorization, Cantaloupe’s management was instructed by representatives of King & Spalding not to discuss the pricing terms of any revised offer with 365 and Party D. The Transaction Committee also directed representatives of King & Spalding to contact representatives of Weil to seek improved merger agreement terms, including with respect to an extension of the “end date” in the merger agreement.

Following the Transaction Committee meeting on June 11, 2025, representatives of J.P. Morgan contacted representatives of 365 and Party D, instructing each of 365 and Party D to submit a revised offer by the end of the day on June 12, 2025.

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Later on June 11, 2025, representatives of King & Spalding sent representatives of Weil a revised draft of the merger agreement, which included, among other things, a company termination fee 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