City Office REIT (CIO) merger converts executive stock and units to $7 cash
Rhea-AI Filing Summary
City Office REIT, Inc. completed a merger on January 9, 2026, in which it combined with MCME Carell Merger Sub, LLC, leaving Merger Sub as a wholly owned subsidiary of MCME Carell Holdings, LP. At the merger effectiveness time, each share of City Office REIT common stock converted into the right to receive $7.00 per share in cash.
For President & COO Gregory Tylee, this filing shows the disposition of 612,398 shares of common stock held directly and 3,312 shares of common stock held indirectly through a spouse, all converted into cash rights in the merger. In addition, 137,153 Restricted Stock Units and 416,085 Performance Restricted Stock Units previously granted to him each converted into cash based on the same $7.00 merger consideration price. Following these transactions, he reports zero derivative or non-derivative securities of the company and is no longer subject to Section 16 reporting for this issuer.
Positive
- None.
Negative
- None.
Insights
Executive equity in City Office REIT was fully cashed out at $7.00 per share in connection with a going‑private merger.
The report shows that City Office REIT merged into MCME Carell Merger Sub, with each common share converting into a cash right of $7.00 per share at the merger effectiveness time on January 9, 2026. This applies not only to regular common stock but also to the executive’s equity awards, aligning all interests at the same per-share cash value.
President & COO Gregory Tylee reports disposition of 612,398 common shares held directly and 3,312 shares held indirectly through a spouse in connection with the merger. He also reports the cash-out of 137,153 Restricted Stock Units and 416,085 Performance Restricted Stock Units, each converting into cash at $7.00 per underlying share based on the merger terms. After these transactions he holds no remaining securities of the company and is no longer a Section 16 reporting person, indicating his equity stake has effectively ended with the transaction.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Restricted Stock Units | 137,153 | $7.00 | $960K |
| Disposition | Performance Restricted Stock Units | 416,085 | $7.00 | $2.91M |
| Disposition | Common Stock | 612,398 | $0.00 | -- |
| Disposition | Common Stock | 3,312 | $0.00 | -- |
Footnotes (1)
- On January 9, 2026 (the "Merger Effectiveness Time"), pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated as of July 23, 2025, by and among the Issuer, MCME Carell Holdings, LP, a Delaware limited partnership ("Parent"), and MCME Carell Merger Sub, LLC, a Maryland limited liability company ("Merger Sub") the Issuer merged with and into Merger Sub, with Merger Sub surviving as a wholly-owned subsidiary of Parent (the "Merger"). At the Merger Effectiveness Time, each share of Issuer's common stock, par value $0.01 per share, converted into the right to receive $7.00 per share in cash (the "Merger Consideration Price"). Represents Restricted Stock Units previously issued to the Reporting Person. At the Merger Effectiveness Time, each outstanding Restricted Stock Unit converted into the right to receive an amount in cash equal to the Merger Consideration Price. Represents Performance Restricted Stock Units previously issued to the Reporting Person. At the Merger Effectiveness Time, each outstanding Performance Restricted Stock Unit converted into the right to receive an amount in cash equal to the Merger Consideration Price (assuming that all performance-based vesting conditions applicable to such Performance Restricted Stock Unit were achieved at the actual level of performance through the Merger Effectiveness Time). The Reporting Person disclaims beneficial ownership of these securities as this report shall not be deemed an admission that the Reporting Person is the beneficial owner of these securities for the purposes of Section 16 or any other purpose.
