Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 47

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 47
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 share acquisition price. The exclusivity agreement
also contemplated a mutual extension option for an additional 45 days if Bidder A was able to provide evidence of committed financing for the transaction. At this point, all other parties evaluating Strategic Alternatives were removed from the VDR
and discussions with such parties were terminated.

On October 30, 2024, the Board held a meeting to discuss the status of Bidder A’s due
diligence and other work streams related to their proposal, including Bidder A’s work to obtain sufficient financing required to fund the proposed acquisition of the Company. The Board discussed the challenging market that the office industry
was facing and how to best position the Company to maximize value to its stockholders if the discussions with Bidder A did not result in a transaction.

On November 7, 2024, Bidder A arranged a call between management and representatives from its potential debt provider with respect to the status of
potential acquisition financing.

31

The next day, on November 8, 2024, the Company agreed to extend exclusivity with Bidder A through
November 22, 2024; however, management communicated to representatives of Bidder A that the Company would be unlikely to provide further extensions if it did not get additional comfort on Bidder A’s financing capabilities.

On November 22, 2024, Mr. Farrar, JLL Securities, the chief executive officer of Bidder A and Bidder A’s financial advisor met via
teleconference to discuss the current status of Bidder A’s proposal. The chief executive officer of Bidder A stated that, if exclusivity was extended, Bidder A would (i) conduct a 60-day due
diligence period, (ii) order third party property level due diligence reports, and (iii) execute the proposed debt provider’s term sheet, in each instance, in an effort to advance the proposed transaction. Based upon these
commitments, and following a discussion with the Board, the Company agreed to extend exclusivity to January 22, 2025; however, such exclusivity was subject to Bidder A (a) providing a formal debt commitment letter in the amount of
$360 million by December 13, 2024, and (b) paying any required lender deposits.

On December 12, 2024, Mr. Farrar, Bidder
A’s chief executive officer, and representatives from Bidder A’s financial advisor and JLL Securities met via teleconference to discuss the