Company: CTLPP
Filing Date: 2025-07-24
Form Type: DEFM14A
Source: 0001140361-25-027048
Chunk: 84

Company: CANTALOUPE, INC.
Filing Date: 2025-07-24
Form: DEFM14A
Chunk 84
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| • | Advisors. The fact that Cantaloupe’s legal and financial advisors were involved throughout the process and negotiations and updated the Transaction Committee and the Board directly and regularly, which provided the Transaction Committee and the Board with additional perspectives on the negotiations in addition to those of Cantaloupe’s management. |

| • | Negotiations with 365. The course of discussions and negotiations between Cantaloupe and 365, improvements to the terms of 365’s acquisition proposal in connection with those negotiations, including those ultimately resulting in 365’s final price of $11.20 in cash per share of common stock, and the Board’s belief based on these negotiations that 365’s proposal represented the highest price per share of common stock that 365 was willing to pay and that these were the most favorable terms to Cantaloupe to which 365 was willing to agree. The Board considered the fact that the terms of the Merger were the result of robust arm’s-length negotiations conducted by Cantaloupe, with the knowledge of and at the direction of the Board, with the assistance of experienced financial and legal advisors and in the context of a competitive process. For a detailed discussion of the negotiation process, please see above in the section of this proxy statement titled“The Merger—Background of the Merger”. |

| • | Ability to Change Recommendation or Accept Superior Proposal. The Board’s ability under the Merger Agreement to withdraw or modify its recommendation in favor of the Merger under certain circumstances, the Board’s ability to furnish, under certain circumstances, confidential information to third parties making an unsolicited proposal and participate in discussions or negotiations with such third parties regarding unsolicited proposals that are made prior to obtaining shareholder approval of the Merger and the Board’s ability to terminate the Merger Agreement in connection with a Superior Proposal in accordance with and pursuant to the terms of the Merger Agreement, subject to payment of a termination fee of $31.5 million, and the Board’s determination that the termination fee is within the customary range of termination fees for transactions of this type and is reasonable and the Board’s belief that the termination fee of $31.5 million would not preclude a Superior Proposal from being made. |

| • | Shareholder Vote. The fact that the Merger Agreement will be subject to approval and adoption of Cantaloupe’s shareholders, which will allow Cantaloupe’s shareholders to decide whether to approve the Merger Proposal. The Board also took into consideration that the members of the Board and Hudson