Company: CTLPP
Filing Date: 2025-07-11
Form Type: PREM14A
Source: 0001140361-25-025663
Chunk: 74

Company: CANTALOUPE, INC.
Filing Date: 2025-07-11
Form: PREM14A
Chunk 74
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 company termination fee of 3.0% of Cantaloupe’s enterprise value (in the case of the draft merger agreement sent to representatives of Weil) and 3.0% of Cantaloupe’s equity value (in the case of the draft merger agreement sent to representatives of Party D’s outside counsel).

On June 9, 2025, representatives of King & Spalding separately discussed with representatives of Weil and representatives of Party D’s outside counsel the terms of the merger agreement, including the company termination fee.

Later on June 9, 2025, representatives of Party D sent representatives of King & Spalding a revised draft of the merger agreement. The draft merger agreement included, among other things, a proposed company termination fee of 4.0% of Cantaloupe’s equity value and contemplated that Party D would provide an equity commitment letter in respect of the entire purchase price for the transaction, and that Party D would not require debt financing.

In the morning of June 10, 2025, 365 delivered a revised proposal to acquire 100% of Cantaloupe’s common stock for $10.75 per share in cash (which we refer to as the “June 10 365 Proposal”), which proposal represented a 28.4% premium to the unaffected stock price. The June 10 365 Proposal of $10.75 per share was equivalent to the per share price included in the April 22 365 Proposal. The offer letter stated that 365 had completed its due diligence and that it desired to move quickly to finalize and sign definitive documentation. The offer letter also stated that once 365 received approval from the Board, 365 intended to discuss the go-forward role and compensation package with each member of Cantaloupe’s senior executive team. 365 also submitted a revised draft of the merger agreement, a draft voting agreement and an executed debt commitment letter. The merger agreement provided by 365 included, among other things, a proposed company termination fee of 3.85% of Cantaloupe’s enterprise value and an “end date” in the merger agreement of 12 months, with no contemplated extension.

Later that day, Party B and Party I jointly delivered a revised preliminary non-binding proposal to acquire 100% of Cantaloupe’s common stock for $10.50 per share in cash (which we refer to as the “June 10 Party B Proposal”), which proposal represented a 25.4% premium to the unaffected stock