Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 50

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 50
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 goal to continue exploring alternatives to maximize stockholder value and enhance Company liquidity.

On April 11, 2025, representatives of the Financial Advisors received a formal proposal from Morning Calm, in partnership with Elliott, to acquire the
Company for a purchase price of $6.50 per share.

On April 18, 2025, the Board held a meeting, which was attended by the Company’s senior
management, representatives of the Financial Advisors and DLA Piper. The representatives of the Financial Advisors discussed with the Board an update regarding the strategic transaction process and the various options related thereto. The Board and
the representatives of the Financial Advisors discussed the risks, uncertainties, transaction costs and timelines associated with, and the relative unattractiveness of, the various asset sale transactions and liquidation strategies put forth by
Bidder F, Bidder G and Bidder H, when compared to the various other alternatives presented. Representatives of Raymond James discussed with the Board whether Morning Calm and Elliott may be willing to increase their offer if Morning Calm and Elliott
were advised of SWVP’s proposal to acquire the Phoenix Assets, as Morning Calm had previously expressed to the representatives of Raymond James that they were not interested in owning the Phoenix Assets. The Board then engaged in discussions
related to the challenges the office industry was facing and the potential transaction that was in the best interests of the Company’s stockholders. The Board considered all of the potential options available to it and ultimately authorized
the representatives of the Financial Advisors and management to engage with Morning Calm.

On April 22, 2025, Morning Calm sent the Company a letter
(the “April 22 Letter”). In the April 22 Letter, Morning Calm proposed to acquire the Company in an all-cash transaction at a price of $7.00 per share, which represented a premium of 37% over
the Company’s 90-day VWAP, as of April 2025. The April 22 Letter also stated that (a) Morning Calm was prepared to conduct all due diligence and concurrently negotiate a definitive merger
agreement over a period of 60 days, (b) the transaction would be funded with a combination of equity financing and debt financing, (c) the Company would be prohibited from declaring or paying dividends during

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the interim period between signing and closing the transaction, and (d) the transaction would be subject to customary closing conditions. The April 22 Letter also stated that Morning
Calm, Elliott and the Company