Company: CTLPP
Filing Date: 2025-07-24
Form Type: DEFM14A
Source: 0001140361-25-027048
Chunk: 314

Company: CANTALOUPE, INC.
Filing Date: 2025-07-24
Form: DEFM14A
Chunk 314
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5

The Board of Directors

Cantaloupe, Inc.

100 Deerfield Lane, Suite 300

Malvern, Pennsylvania 19355

Members of the Board of Directors:

You have requested our opinion as to the fairness, from a financial point of view, to the holders (other than (i) the Acquiror (as defined below) or its affiliates or (ii) holders of any Rollover Shares (as defined in the Agreement (as defined below)) (together with (i), the “Excluded Shareholders”)) of common stock, without par value (the “Company Common Stock”), of Cantaloupe, Inc. (the “Company”) of the consideration to be paid to such holders in the proposed merger (the “Transaction”) of the Company with a wholly-owned subsidiary of 365 Retail Markets, LLC (the “Acquiror”). Pursuant to the Agreement and Plan of Merger, dated as of June 15, 2025 (the “Agreement”), among the Company, the Acquiror, Catalyst Holdco I, Inc., a wholly-owned subsidiary of the Acquiror (“Holdco”), Catalyst Holdco II, Inc., a wholly-owned subsidiary of Holdco (“Holdco II”), and Catalyst MergerSub Inc., a wholly-owned subsidiary of Holdco II (“Merger Subsidiary”), Merger Subsidiary will merge with and into the Company, with the Company continuing as the surviving corporation and becoming a wholly-owned subsidiary of the Acquiror, and each outstanding share of Company Common Stock, other than (a) shares of Company Common Stock held in treasury, (b) Rollover Shares or (c) shares of Company Common Stock owned by the Acquiror, Holdco, Holdco II or Merger Subsidiary or any of their subsidiaries, will be converted into the right to receive $11.20 per share in cash (the “Consideration”).

In connection with preparing our opinion, we have (i) reviewed the Agreement; (ii) reviewed certain publicly available business and financial information concerning the Company and the industries in which it operates; (iii) compared the proposed financial terms of the Transaction with the publicly available financial terms of certain transactions involving companies we deemed relevant and the consideration paid for such companies; (iv) compared the financial and operating performance of the Company with publicly available information concerning certain other companies we deemed relevant and reviewed the current and historical market prices of the Company Common Stock and certain publicly traded securities