Company: CTLPP
Filing Date: 2025-07-11
Form Type: PREM14A
Source: 0001140361-25-025663
Chunk: 84

Company: CANTALOUPE, INC.
Filing Date: 2025-07-11
Form: PREM14A
Chunk 84
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’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, collectively representing approximately [  ]% of the voting power of the shares of Cantaloupe stock outstanding as of the record date and entitled to vote at the Special Meeting, have entered into Voting Agreements with 365 to vote in favor of the Merger. For more information, see the section of this proxy statement titled “The Merger—Voting Agreements”. |

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TABLE OF CONTENTS

| • | No Vote of 365 Shareholders. The Board considered the fact that 365 is a limited liability company with a sole member, and therefore the Merger is not subject to the conditionality and execution risk of