Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 43

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 43
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 the ultimate offer price could be lower or higher than the ranges set forth
in the revised letter of intent depending on additional financial due diligence and informed the representatives from JLL Securities that Bidder A would require exclusivity in order to complete due diligence and refine its proposed purchase price
and financing plans.

On June 6, 2024, Mr. Farrar engaged in discussions about the June 5, 2024 revised letter of intent with representatives of the
Financial Advisors and the Company’s special transaction counsel, DLA Piper LLP (US) (“DLA Piper”). Later on June 6, 2024, Mr. Farrar delivered to the Board the June 5, 2024 revised letter of intent. The Board unanimously approved
terminating discussions with Bidder A due to significant uncertainty regarding Bidder A’s financing capabilities, minimal diligence done to date and the lower per share range as compared to their previous offers, and instructed management and
the representatives of the Financial Advisors to conduct the proposed outreach as promptly as practicable.

On June 10, 2024, at the direction of the
Board, the Company delivered a letter to Bidder A, which terminated discussions between the two groups and requested a return of all confidential information in Bidder A’s possession.

On June 14, 2024, representatives from Bidder A’s financial advisor called Mr. Farrar to provide context regarding Bidder A’s decreased
offer price. Mr. Farrar expressed that he was not confident that Bidder A had sufficient debt or equity financing in order to complete a transaction. Later that day, Bidder A submitted a revised letter of intent to acquire the Company, which
included a purchase price range of $8.00 to $9.00 per share and requested a 45-day exclusivity period.

On
June 17, 2024, Mr. Farrar communicated with the Board the revised terms of Bidder A’s latest offer and provided an update on his conversations regarding termination of discussions with Bidder A. On June 18, 2024,

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at the direction of the Board, due primarily to significant uncertainty regarding Bidder A’s financing capabilities and minimal diligence done to date, management delivered a letter to
Bidder A, which terminated discussions between the two groups and requested a return of all confidential information in Bidder A’s possession.

On July 1, 2024, representatives from Bidder A requested that its potential debt provider be admitted to the VDR, which request was