Upal Rana

Craig Kucera

Barry Oxford

Robert Stevenson

- City Office REIT stockholders approved the merger with MCME Carell Holdings, LP and MCME Carell Merger Sub, LLC on **October 16, 2025**.  **[1593222_0001193125-25-241716_d80098dex991.htm:0]** **[1593222_0001193125-25-241716_d80098d8k.htm:1]** 
- Upon the closing of the merger, holders of City Office's common stock will receive **$7.00 per share in cash**.  **[1593222_0001193125-25-241716_d80098dex991.htm:0]** 
- The merger is subject to satisfaction of closing conditions and is **expected to close during the fourth quarter of 2025**.  **[1593222_0001193125-25-241716_d80098dex991.htm:0]** **[1593222_0001193125-25-241716_d80098d8k.htm:1]** 
- The Merger Proposal was approved with **26,148,345 votes For**.  **[1593222_0001193125-25-241716_d80098d8k.htm:1]**

City Office REIT Stockholders Approve Merger

- City Office REIT (CIO) stockholders have **approved the merger** with MCME Carell Holdings, LP and MCME Carell Merger Sub, LLC.  **[1593222_20251016NY00329:0]** 
- Upon the closing of the merger, holders of City Office's common stock will receive **$7.00 per share in cash**.  **[1593222_20251016NY00329:0]** 
- The merger is subject to the satisfaction of closing conditions and is **expected to close during the fourth quarter of 2025**.  **[1593222_20251016NY00329:0]**

- Oksenholt Capital Management LLC announced its opposition to the proposed acquisition/merger of City Office REIT by affiliates of **Elliott Capital/MCME Carell**, calling the offer a "lowball" and not in the best interests of shareholders.  **[1593222_0e61d66b065d4da1ae7282127259b04b_0]** **[1593222_0e61d66b065d4da1ae7282127259b04b_1]** 
- The firm expressed a loss of confidence in City Office REIT's current leadership, citing a significant **decline in stock price from $21.24 in 2022 to $5.57 as of July 23, 2025**, and criticized CEO James Farrar's **$2,326,635 total compensation in 2024** despite the company's underperformance.  **[1593222_0e61d66b065d4da1ae7282127259b04b_0]** 
- Oksenholt Capital proposes a strategic restructuring plan to unlock City Office REIT's intrinsic value, including **eliminating $2 to $7 million in annual expenses** and aiming to achieve **$0.90 of earnings per share**.  **[1593222_0e61d66b065d4da1ae7282127259b04b_1]** 
- The firm also recommends the appointment of **new independent directors and a new senior management team** to improve performance and maximize shareholder value.  **[1593222_0e61d66b065d4da1ae7282127259b04b_1]** **[1593222_0e61d66b065d4da1ae7282127259b04b_2]**

Oksenholt Capital Opposes City Office REIT Merger Offer and Calls for Leadership Change

- City Office REIT, Inc. (CIO) filed an 8-K on **October 7, 2025**, to provide supplemental disclosures to its definitive proxy statement regarding the merger agreement with MCME Carell Holdings, LP, originally entered into on **July 23, 2025**.  **[1593222_0001193125-25-233641_d227362d8k.htm:1]** **[1593222_0001193125-25-233641_d227362d8k.htm:2]** 
- The company has received **thirteen demand letters** and **two lawsuits** from purported stockholders alleging material omissions in the proxy statement, which CIO believes are without merit, but is providing additional disclosures to avoid nuisance, cost, and potential delays to the merger closing.  **[1593222_0001193125-25-233641_d227362d8k.htm:1]** 
- A special meeting for stockholders to vote on the merger is scheduled for **October 16, 2025**.  **[1593222_0001193125-25-233641_d227362d8k.htm:1]** 
- The supplemental disclosures include amendments to the "Background of the Merger" and details from the financial analyses conducted by JLL Securities and Raymond James.  **[1593222_0001193125-25-233641_d227362d8k.htm:2]** **[1593222_0001193125-25-233641_d227362d8k.htm:3]** **[1593222_0001193125-25-233641_d227362d8k.htm:4]** **[1593222_0001193125-25-233641_d227362d8k.htm:5]** **[1593222_0001193125-25-233641_d227362d8k.htm:6]**

City Office REIT, Inc. Provides Supplemental Merger Proxy Disclosures Amid Shareholder Lawsuits

- Monteverde & Associates PC is investigating the proposed merger of **City Office REIT, Inc.** (NYSE: CIO) with MCME Carell Holdings, LP.  **[1593222_14ca85df178d4de8b518890337dba5b0_0]** 
- Upon completion of the proposed transaction, each outstanding share of City Office common stock will be converted into the right to receive **$7.00 per share in cash**.  **[1593222_14ca85df178d4de8b518890337dba5b0_0]** 
- The shareholder vote for this merger is scheduled for **October 16, 2025**.  **[1593222_14ca85df178d4de8b518890337dba5b0_0]**