Company: CTLPP
Filing Date: 2025-07-11
Form Type: PREM14A
Source: 0001140361-25-025663
Chunk: 78

Company: CANTALOUPE, INC.
Filing Date: 2025-07-11
Form: PREM14A
Chunk 78
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 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 on June 12, 2025, the Transaction Committee held a meeting with members of Cantaloupe’s management and representatives of King & Spalding and J.P. Morgan present. At the meeting, representatives of J.P. Morgan provided their preliminary view of the June 11 Party D Proposal and the June 12 365 Proposal. Representatives of J.P. Morgan also described to the Transaction Committee the discussions they had with representatives of 365 and Party D following the Transaction Committee meeting on June 11, 2025, including their view that the revised offers from 365 and Party D represented their respective “best and final” offers.