Company: CIO
Filing Date: 2025-09-08
Form Type: DEFM14A
Source: 0001193125-25-198418
Chunk: 44

Company: City Office REIT, Inc.
Filing Date: 2025-09-08
Form: DEFM14A
Chunk 44
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 importance of validating Bidder A’s access to sufficient capital in order to complete an acquisition of the Company. Bidder A’s chief executive officer indicated that Bidder A would need to syndicate its
equity financing but was unable to articulate with sufficient clarity how this would be accomplished, or which investors would be included.

On
July 18, 2024, members of management met the chief executive officer of Morning Calm Management, LLC (“Morning Calm”) in Aspen, CO to discuss a potential Strategic Alternative. Morning Calm’s chief executive officer focused on
their relationship with Elliott and Morning Calm’s desire to expand its office building holdings. Management noted that it was apparent that the chief executive officer of Morning Calm had completed an extensive analysis of the Company’s
portfolio and was very knowledgeable about the Company generally. Morning Calm’s chief executive officer noted that Morning Calm would work over the weekend to gauge Elliott’s interest as a potential equity partner in a potential
transaction with the Company. Separately, later that day, Bidder A submitted a revised letter of intent to acquire the Company, which included a purchase price range of $8.25 – $9.00 per share and a
45-day exclusivity period requirement. Additionally, Bidder A’s potential debt provider provided a letter indicating its interest in potentially providing acquisition debt financing in conjunction with
Bidder A’s revised letter of intent.

On July 22, 2024, Mr. Farrar provided an update to the Board with respect to possible investors
interested in the office building sector. The Board directed management to enter into non-disclosure agreements with investors that were deemed credible and qualified by the Company’s management team.
The Board also instructed management to inform Bidder A that the Board would review its recently submitted letter of intent at the next meeting of the Board.

On July 25, 2024, the Company entered into a non-disclosure agreement with Morning Calm, which contained a
customary standstill provision. Representatives of Raymond James and Morning Calm then met and discussed the Company’s portfolio and planned property tours commencing on July 31 in Orlando. After such meeting, Morning Calm was given
access to the VDR.

On July 31, 2024, the Board held a meeting, which included members of management, representatives of the Financial Advisors and
DLA Piper, to discuss the process for identifying potential Strategic Alternatives and planned next steps. Representatives of the Financial Advisors updated the Board on discussions and progress made thus