Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 47

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 47
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ence 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 Company’s immediate need for assurances that Bidder A was able to obtain debt financing
sufficient to complete the acquisition of the Company. The representatives of Bidder A’s financial advisor informed JLL Securities that they would be sending the signed debt application (not a formal debt commitment letter) as supporting
evidence of Bidder A’s capability to obtain financing.

The next day, on December 13, 2024, Bidder A provided a