Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 48

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 48
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 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 term sheet dated November 22,
2024 from a purported debt provider that was unexecuted by the purported debt provider and had previously been shared with the Company. Bidder A also advised the Company that it had not engaged third parties to conduct the property-level
due-diligence reports to date, as it had agreed to during the November 22, 2024 teleconference.

On December 16, 2024, at the direction of the
Board, the Company sent a letter to Bidder A formally terminating discussions between the parties.

On December 20, 2024, the Board held a meeting to
discuss a variety of matters, including restarting the exploration of Strategic Alternatives. Mr. Farrar advised the Board that at a recent industry event, which was attended by a number of office-industry investors, the sentiment towards the
office building sector seemed to be shifting to a more positive viewpoint. Mr. Farrar recommended to the Board that the Company reengage with prior parties who had been in discussions regarding Strategic Alternatives as well as various other
groups with respect to an acquisition of the Company or certain other Strategic Alternatives and directed management to work with the Financial Advisors in this regard.

Later on December 20, 2024, our management instructed the representatives of the Financial Advisors to assist in formulating a plan to reengage in
dialogue with select parties that representatives of the Financial Advisors had identified as having an interest in the office sector with respect to Strategic Alternatives and to assist in determining the appropriate strategy regarding such
reengagement.

Over the next several weeks, the Company re-engaged with certain of the parties that were part of the prior process in the summer of 2024,
entered into 12 additional non-disclosure agreements with potential counterparties to a Strategic Alternative, and provided those parties access to the VDR.

On February 19, 2025, the Board held a meeting, attended by the Company’s senior management and representatives of the Financial Advisors. At the
meeting, the representatives of the Financial Advisors discussed with the Board