City Office REIT Shares Surge 2.36% on Melcor Bid!

City Office Reit, Inc. rose 2.36% in intraday trading. The company's stock price increase may be attributed to the recent announcement by Melcor Developments Ltd. regarding its normal course issuer bid, which allows the company to purchase up to 1,511,087 common shares for cancellation over a twelve-month period. This move could potentially reduce the number of outstanding shares, thereby increasing the value of the remaining shares.