Company: CTLPP
Filing Date: 2025-07-11
Form Type: PREM14A
Source: 0001140361-25-025663
Chunk: 83

Company: CANTALOUPE, INC.
Filing Date: 2025-07-11
Form: PREM14A
Chunk 83
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 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; |

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

| • | Advisors. The fact that Cantaloupe’s legal and financial advisors were involved throughout the process and negotiations and updated the Transaction Committee and the Board directly and regularly, which provided the Transaction Committee and the Board with additional perspectives on the negotiations in addition to those of Cantaloupe’s management. |

| • | Negotiations with 365. The course of discussions and negotiations between Cantaloupe and 365, improvements to the terms of 365’s acquisition proposal in connection with those negotiations, including those ultimately resulting in 365’s final price of $11.20 in cash per share of common stock, and the Board