Premium Price, Bold Promise
Cantaloupe shareholders are poised to receive $11.20 per share in cash, representing a 34% premium over the company’s closing stock price on May 30—the day before market whispers of a deal began circulating. The transaction has received unanimous approval from Cantaloupe’s board, and key shareholders controlling 14% of voting power have pledged support.
“Our combination will bolster our joint ability to invest in R&D and expand our portfolios,” said Ravi Venkatesan, CEO of Cantaloupe. “This is a pivotal moment to help retailers across the globe scale with confidence.”
Legal Powerhouses at Play
In a deal of this magnitude, legal muscle matters. Weil Gotshal & Manges LLP is representing 365 Retail and Providence, with key partners Ramona Nee, James Griffin, Jeffrey Perry, and Benton Lewis at the helm. King & Spalding LLP is advising Cantaloupe, though details on its team remain under wraps.
The transaction is not subject to financing conditions, indicating solid backing and strategic clarity.
