City Office REIT stockholders approve $7 per share acquisition

VANCOUVER - City Office REIT, Inc. (NYSE:CIO) announced Thursday that its stockholders have voted to approve the company’s acquisition by MCME Carell Holdings, LP and MCME Carell Merger Sub, LLC.

Upon closing of the transaction, City Office REIT shareholders will receive $7.00 per share in cash. The merger is expected to close during the fourth quarter of 2025, subject to the satisfaction of remaining closing conditions.

The final voting results from the special meeting held on Thursday will be disclosed in the company’s upcoming Form 8-K filing with the U.S. Securities and Exchange Commission.

City Office REIT is an internally-managed real estate company that focuses on acquiring, owning and operating office properties primarily in Sun Belt markets. The company currently owns or has a controlling interest in 4.2 million square feet of office properties.

The company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.

The announcement comes as part of a press release statement issued by City Office REIT regarding the stockholder approval of the merger agreement.

In other recent news, City Office REIT reported its Q1 2025 earnings, which revealed a significant miss on earnings per share (EPS) expectations. The company posted an EPS of -2.66, contrasting sharply with the forecasted -0.1033, marking a 2475.02% surprise. Additionally, Oksenholt Capital Management LLC has acquired several hundred thousand shares of City Office REIT and has formally opposed the company’s pending merger with affiliates of Elliott Capital. Oksenholt Capital’s CEO, Jon Oksenholt, expressed concerns regarding the company’s leadership and performance. This development follows a notable decline in the company’s stock price from a 2022 high of $21.24 to $5.57 as of July 23, 2025. These recent developments highlight ongoing challenges and investor tensions surrounding City Office REIT.

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