Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 56

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 56
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 with their consideration and potential approval of the transaction with Morning Calm and Elliott. DLA Piper then provided a
presentation regarding the terms of the definitive Merger Agreement and related transaction documents. The representatives of Raymond James and JLL Securities then provided a review of the financial analysis of the proposed consideration payable to
holders of our Common Stock. Following the presentations, the Board asked questions to representatives of each of the Financial Advisors and held a discussion regarding the process, the proposed transaction and the open items. Following this
discussion and deliberation, the Board instructed our senior management and the representatives of Raymond James, JLL Securities and DLA Piper to continue to work toward finalizing the definitive Merger Agreement and related documents.

In the afternoon of July 23, 2025, the Board held a meeting, which was attended by members of our senior management and representatives of Raymond James,
JLL Securities and DLA Piper. Members of our senior management and representatives of Raymond James, JLL Securities and DLA Piper updated the Board on the discussions with Morning Calm and Elliott since the last Board meeting. Representatives of DLA
Piper indicated that negotiations with Morning Calm and Elliott had, in their opinion, been completed in line with the Board’s instructions from the earlier meeting and provided an overview of the proposed resolutions to the previously open
items, in each instance, subject only to the evaluation of a possible impairment charge resulting from the potential write down of the carrying value of the Company’s real estate assets in connection with the execution of the Merger Agreement,
which management and Morning Calm and Elliott agreed, if ultimately determined to be applicable, would not constitute a violation of the financial representations in the Merger Agreement.

36

Representatives of Raymond James then reviewed Raymond James’ financial analyses summarized below under “—Opinions of Our Financial Advisors—Opinion of Raymond James.” Following the presentation, representatives of Raymond James rendered to the Board the oral opinion of Raymond James, subsequently confirmed by delivery of a written opinion, dated July 23, 2025, to the effect that, as of the date of such opinion and based upon and subject to the procedures followed, assumptions made, matters considered and qualifications and limitations on the review undertaken, the Common Stock Merger Consideration of $7.00 per share to be received by the holders of Common Stock (other than Excluded Shares) in the Merger pursuant to the Merger Agreement was fair, from a financial point of view, to such holders, as more fully described below in the section