The Ademi Firm is investigating Cantaloupe (NASDAQ: CTLP) for possible breaches of fiduciary duty and other violations of law in its transaction with 365 Retail Markets.
In the cash transaction, shareholders of Cantaloupe will receive $11.20 per share, with an equity value of approximately $848 million. Cantaloupe insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Cantaloupe by imposing a significant penalty if Cantaloupe accepts a competing bid. We are investigating the conduct of the Cantaloupe board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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