Company: CTLPP
Filing Date: 2025-07-24
Form Type: DEFM14A
Source: 0001140361-25-027048
Chunk: 70

Company: CANTALOUPE, INC.
Filing Date: 2025-07-24
Form: DEFM14A
Chunk 70
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aloupe. The Board discussed the Transaction Committee’s recommendations with members of the Transaction Committee and representatives of J.P. Morgan, including discussion of the possible interest that other third parties may have in evaluating a potential transaction with Cantaloupe. Following discussion, the Board agreed with the Transaction Committee’s determination that the outreach to potential acquirors already conducted by Cantaloupe’s management and representatives of J.P. Morgan, in addition to the Reuters report in February 2025 indicating that Cantaloupe was exploring strategic options, meant that it was unlikely another third party would be willing to pay more than the potential acquirors that had already submitted non-binding proposals. Following discussion, including the Board’s weighing of the prospects of achieving long-term value for Cantaloupe’s shareholders through execution of Cantaloupe’s strategic business plan against the value to shareholders that could be realized through a potential sale transaction at a significant premium to the recent and historical market prices of Cantaloupe’s common stock and certain other factors more fully described below under the heading “ The Merger—Recommendation of the Board and Reasons for the Merger ”, the Board determined that it would be in the best interests of Cantaloupe to further explore a potential sale transaction. The Board then directed Cantaloupe’s management, with the assistance of J.P. Morgan, to provide full diligence access to 365, Party C, Party D and Party H and to continue discussions regarding a potential strategic transaction with these four potential acquirors of Cantaloupe.

During the weeks following the May 1, 2025 Board meeting, members of Cantaloupe’s management, with the assistance of J.P. Morgan, provided additional diligence information to 365, Party C, Party D and Party H.

On May 12, 2025, representatives of Party H informed representatives of J.P. Morgan that Party H would no longer be participating in the process to potentially acquire Cantaloupe.

As part of the diligence process, members of Cantaloupe’s management, including Mr. Venkatesan and Scott Stewart, Cantaloupe’s Chief Financial Officer, held full-day meetings with representatives of 365 and Providence Equity Partners L.L.C. (which we refer to as “Providence”) on May 14, 2025, with representatives of Party D on May 21, 2025 and with representatives of Party C on May 22, 2025, in each case to provide additional information on