Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 275

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 275
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 dated as of July 23, 2025 (the “ Merger Agreement”) with MCME Carell Holdings, LP, a Delaware limited partnership (“ Parent”), MCME Carell Merger Sub, LLC, a Maryland limited liability company and a wholly-owned subsidiary of Parent (“ Merger Sub”). Pursuant to the Merger Agreement, the Company will be merged with and into Merger Sub, with Merger Sub being the surviving entity (the “ Merger”), and each share of common stock of the Company, par value $.01 per share, other than shares of Company Common Stock held by any direct or indirect wholly owned subsidiary of Parent, Merger Sub or any wholly owned subsidiary of the Company immediately prior to the Effective Time (the “ Company Common Stock”) will be converted automatically into and shall thereafter represent the right to receive $7.00 per share in cash, without interest (the “ Consideration”). You have asked for our opinion, as of the date hereof, as to the fairness, from a financial point of view, to the holders of Company Common Stock (other than shares of Company Common Stock held by any direct or indirect wholly owned subsidiary of Parent, Merger Sub or any wholly owned subsidiary of the Company immediately prior to the Effective Time) of the Consideration to be paid to such holders in the Merger. For purposes of the opinion set forth herein, we have:

| (i) | reviewed documentation provided by management of the Company, including historical audited financial statements                      
 and certain internal financial statements and other operating data concerning the Company prepared by the management of the Company; |

| (ii) | analyzed certain financial forecasts prepared by the management of the Company (the                                                                                                                                              
 “Projections”), which forecasts the Company has represented to us are consistent with the best judgments of management of the Company as to the future financial performance of the Company and are the best currently available 
 forecasts with respect to such future financial performance of the Company, including the Company’s corporate model (as adjusted to assume the completion of the sale of the PHX assets (as defined below));                     |

| (iii) | reviewed certain SEC filings that we considered to be relevant; |

| (iv) | reviewed rent rolls and Argus files of the Company’s properties; |

| (v) | discussed the past and current operations, capitalization and financial condition and the prospects of the 
 Company with senior executives of the Company;                                                             |

| (vi) | reviewed the financial terms, to the extent publicly available, of certain publicly-tr