Company: CTLPP
Filing Date: 2025-07-11
Form Type: PREM14A
Source: 0001140361-25-025663
Chunk: 69

Company: CANTALOUPE, INC.
Filing Date: 2025-07-11
Form: PREM14A
Chunk 69
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 The Transaction Committee also decided to invite King & Spalding LLP (which we refer to as “King & Spalding”), outside counsel to Cantaloupe, to the Board meeting to be held on May 1, 2025.

On May 1, 2025, the Board held a meeting with members of Cantaloupe’s management and representatives of King & Spalding and J.P. Morgan present. At the meeting, representatives of King & Spalding discussed with the members of the Board their fiduciary duties, both in general and in the context of various types of strategic transactions, as well as how the Board might evaluate a potential transaction with the potential acquirors of Cantaloupe. Also at the meeting, members of Cantaloupe’s management reviewed the financial projections (as described below in the section of this proxy statement titled “ The Merger — Management Projections ”) with the Board that had been presented at the Transaction Committee’s March 3, 2025 meeting. Representatives of J.P. Morgan also provided the Board with an update on the M&A market in North America, the deal process and the non-binding proposals received from potential acquirors of Cantaloupe, and also discussed with the Board J.P. Morgan’s preliminary financial perspective on Cantaloupe on a stand-alone basis. Also at the meeting, members of Cantaloupe’s management and representatives of J.P. Morgan described the potential sale transaction process to date, including an overview of the non-binding proposals received from 365, Party A, Party D, Party E, Party F, Party G and Party H, and described to the Board that the Transaction Committee had recommended providing 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. 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