Company: CTLPP
Filing Date: 2025-07-24
Form Type: DEFM14A
Source: 0001140361-25-027048
Chunk: 72

Company: CANTALOUPE, INC.
Filing Date: 2025-07-24
Form: DEFM14A
Chunk 72
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 22, 2025, the last trading day prior to the May 23 Party B Proposal. The May 23 Party B Proposal of $10.50 per share represented an increase of $0.50 per share relative to the per share price included in the April 15 Party B Proposal.

On May 27, 2025, after consultation with and at the direction of Cantaloupe’s management, representatives of J.P. Morgan contacted representatives of 365, Party C, Party D and Party B and Party I to solicit “best and final” offers, which representatives of J.P. Morgan indicated should be submitted by 12:00 p.m., Eastern time, on June 10, 2025. Concurrently with requesting the “best and final” offers and at the direction of Cantaloupe’s management, representatives of J.P. Morgan also sent to representatives of 365, Party C, Party D and Party B and Party I the initial draft of the merger agreement. The initial draft of the merger agreement included, among other things, consideration payable to Cantaloupe’s shareholders in the form of cash and a company termination fee of 2.5% of equity value. At the direction of Cantaloupe’s management, representatives of J.P. Morgan instructed the potential acquirors of Cantaloupe to submit an issues list in respect of the merger agreement by 12:00 p.m., Eastern time, on June 3, 2025 and further instructed each potential acquiror of Cantaloupe that its bid on June 10, 2025 should be accompanied by a revised draft of the merger agreement in a form that such potential acquiror would be willing to execute.

On May 28, 2025, Cantaloupe entered into a confidentiality agreement with Party B, which confidentiality agreement did not include “standstill” restrictions that would prevent such party from submitting an acquisition proposal following the execution of the Merger Agreement. Following execution of the confidentiality agreement, Party B and Party I were permitted to conduct additional diligence.

On June 1, 2025, representatives of Weil sent representatives of King & Spalding an issues list pertaining to the draft merger agreement, which issues list proposed, among other things, a company termination fee of 4.0% of Cantaloupe’s enterprise value and that 365 would require Hudson and the nine directors and officers of Cantaloupe holding the greatest ownership of Cantaloupe’s common