Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 57

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 57
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 Securities’ written opinion and based upon and subject to the factors and assumptions set forth in JLL Securities’ written opinion, the $7.00 per share to be received by the holders of Common Stock (other than Excluded Shares) in the Merger was fair, from a financial point of view, to such holders, as more fully described below in the section “—Opinions of Our Financial Advisors—Opinion of JLL Securities.” The Board was provided, prior to this meeting, with updated disclosures from each of Raymond James and JLL Securities regarding fees each had received or earned from the Company and each of Morning Calm and Elliott and their respective affiliates. Following discussion, the Board unanimously (a) approved the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement, (b) determined and declared that the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement to be advisable and in the best interests of the Company and its stockholders, (c) directed that the Merger be submitted to the holders of Common Stock for approval at the Special Meeting, and (d) resolved to recommend that Common Stockholders approve the Merger. Following the Board’s approval, during the evening of July 23, 2025, representatives of DLA Piper and Gibson Dunn exchanged fully compiled drafts of the Merger Agreement and related transaction documents, and the parties finalized, executed and delivered the Merger Agreement, the Equity Commitment Letter, the limited guaranty, and the Debt Commitment Letter. Thereafter, prior to the opening of the financial markets in New York on July 24, 2025, the Merger was announced in a press release jointly issued by the Company, Morning Calm and Elliott. Reasons for the Merger In reaching its unanimous decision to determine and declare the transactions contemplated by the Merger Agreement, including the Merger, to be advisable and in our stockholders’ best interests, to approve the execution, delivery and performance of the Merger Agreement and the consummation of the transactions contemplated thereby, and to resolve to recommend that holders of Common Stock approve the Merger Proposal, the Board consulted with our senior management team, as well as our financial and legal advisors, and considered a number of factors, including the following factors (not necessarily in order of relative importance) that the Board viewed as being positive or favorable in coming to its determination and recommendation:

| • |     | the current and historical trading prices of our shares of Common Stock,