Company: CTLPP
Filing Date: 2025-07-11
Form Type: PREM14A
Source: 0001140361-25-025663
Chunk: 79

Company: CANTALOUPE, INC.
Filing Date: 2025-07-11
Form: PREM14A
Chunk 79
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 Representatives of King & Spalding then apprised the Transaction Committee of its conversations with representatives of Weil, including 365’s positions on the company termination fee and on the “end date” of the merger agreement. Representatives of King & Spalding informed the Transaction Committee that there were no other material outstanding issues in the merger agreement and that representatives of King & Spalding could quickly finalize the terms of the merger agreement with representatives of Weil. Following discussion, the Transaction Committee directed Cantaloupe’s management, with the assistance of King & Spalding, to finalize the definitive merger agreement with 365 at a price per share of $11.20 and on the contractual terms that had been discussed earlier that day between representatives of King & Spalding and Weil.

Later on June 12, 2025, representatives of Weil sent representatives of King & Spalding a revised draft of the merger agreement that reflected the terms discussed earlier that day, including a company termination fee of $31.5 million (approximately 3.7% of equity value, based on the June 12 365 Proposal), which terms the Transaction Committee had indicated its support for at its meeting earlier that day.

During the afternoon on June 13, 2025, the Board held a meeting with members of Cantaloupe’s management and representatives of King & Spalding and J.P. Morgan present. Prior to the meeting, the Board received certain preliminary materials prepared by representatives of King & Spalding and J.P. Morgan. In addition, J.P. Morgan provided to the Board an updated relationship disclosure letter which provided disclosures regarding J.P. Morgan and its affiliates’ commercial relationships with each of Cantaloupe, 365, Providence, Party D and Hudson. At the meeting, representatives of King & Spalding reviewed with the Board the key terms of the draft merger agreement with 365 and other transaction documents that had been negotiated with representatives of 365. In addition, representatives of King & Spalding reviewed with the Board, including the members of the Compensation Committee of the Board, certain compensation matters related to the merger agreement, including the treatment of Cantaloupe’s equity awards in the transaction. Representatives of J.P. Morgan described to the Board the transaction process that resulted in the June 12 365 Proposal, including that Cantaloupe’s management and representatives of J.P. Morgan had discussed a potential sale of Cantaloupe with 36 potential acquirors, of which 27