Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 41

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 41
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2023 through December 2024, with the advice and
assistance of representatives of each of the Financial Advisors, the Board and the Company’s senior management evaluated a number of Strategic Alternatives with the ultimate goal of maximizing stockholder value. During this period, the Company
and representatives of its Financial Advisors engaged in discussions and negotiations with a group of two investors who worked diligently to underwrite a potential take-private transaction (the group hereinafter referred to as “Bidder
A”) and had preliminary discussion with certain groups that were approached by representatives of the Financial Advisors, but none of these potential Strategic Alternatives resulted in an actionable transaction.

In February 2024, our chief executive officer, James Farrar, received a call from the financial advisor of Bidder A. During such conversation, representatives
from Bidder A’s financial advisor indicated that a letter of interest with respect to the acquisition of the Company by Bidder A would be forthcoming. On February 22, 2024, a meeting of the Board was convened, and Bidder A’s
interest was discussed. Later that day, Mr. Farrar received a letter from Bidder A’s financial advisor on behalf of Bidder A. The letter contained a number of deficiencies, including failure to state a precise enterprise value and
significant lack of clarity regarding the plans for financing of any potential transaction. Mr. Farrar subsequently provided feedback to representatives of Bidder A indicating that it was apparent to Mr. Farrar that Bidder A had conducted
limited underwriting and had too much ambiguity around its proposed financing sources, and that Bidder A needed to alleviate such concerns if the Board was going to consider any subsequent bid.

On April 18, 2024, Mr. Farrar received a phone call from representatives of Bidder A’s financial advisor, indicating that a new letter of
intent to acquire the Company was forthcoming.

On April 22, 2024, the Company received a letter of intent from Bidder A to acquire the Company (the
“April 22 Proposal”), which included a purchase price range of $7.00 – $9.00 per share of Common Stock of the Company. The letter of intent also included a request for access to non-public
information in order for Bidder A to provide a more specific price per share within 30 days of the April 22 Proposal.

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On May 2, 2024, the Board held a meeting, which the Company’s senior management attended and the
April 22 Proposal