Company: CTLPP
Filing Date: 2025-07-24
Form Type: DEFM14A
Source: 0001140361-25-027048
Chunk: 83

Company: CANTALOUPE, INC.
Filing Date: 2025-07-24
Form: DEFM14A
Chunk 83
---
 Merger—Management Projections”, which reflect an application of various assumptions of management. |

| • | Review of Strategic Alternatives; Sale Process. The Board’s extended consideration of strategic alternatives, including, among others, remaining an independent company and pursuing Cantaloupe’s strategic plan, and the Board’s belief, after discussions with Cantaloupe’s management and advisors, that the value offered to shareholders in the Merger, combined with their assessment concerning the certainty of closing, was more favorable to the shareholders of Cantaloupe than the potential value that might have resulted from other strategic opportunities reasonably available to Cantaloupe. The Board further considered the fact that the process conducted by the Board and Cantaloupe’s management, with the assistance of J.P. Morgan, involved contacting, or responding to, 36 potential acquirors, entering into confidentiality agreements with and granting due diligence access to 12 potential acquirors, receiving non-binding offers from nine potential acquirors and receiving four final proposals, one of which was from 365. The Board also considered the fact that the media coverage regarding Cantaloupe’s discussions with potentially interested parties in February 2025 and June 2025 did not result in any outreach or proposals from any other potential acquirors. For a detailed discussion of the sale process, please see the section of this proxy statement above titled“The Merger—Background of the Merger”. |

| • | Likelihood of Completion. The Board’s belief that the Merger is likely to be completed, based on, among other things: |

| ○ | the absence of a financing condition; |

| ○ | the financial strength of 365 and the fact that it obtained committed debt financing; |

| ○ | the fact that the definition of “Material Adverse Effect” has a number of customary exceptions and is generally a very high standard applied by courts; |

| ○ | the limited number of conditions to the Merger; |

| ○ | the likelihood of obtaining required regulatory approvals for the Merger in the Board’s judgment after discussions with its advisors; |

| ○ | the fact that if 365 does not consummate the Merger in breach of its obligations under the Merger Agreement, Cantaloupe would be entitled to specific performance of 365’s obligations under the Merger Agreement, subject to the terms set forth in the Merger Agreement; |

41

TABLE OF CONTENTS

| ○ | 365’s ability to complete large acquisition transactions