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Eidos urges shareholders to take no action on BridgeBio's takeover offer

San Francisco-based Eidos Therapeutics Inc. advised its shareholders to take no action on BridgeBio Pharma Inc.'s offer to acquire the remaining shares in the company.

BridgeBio, through its BridgeBio Pharma LLC unit, owns about 66.6% of the outstanding shares of Eidos. The company, which recently completed its IPO on the Nasdaq Global Market, is focused on developing treatments for genetic diseases.

The company received a nonbinding proposal from BridgeBio to purchase all of the remaining outstanding shares for a fixed exchange ratio of 1.30 shares of BridgeBio share for each Eidos share.

The proposal values each Eidos share at $38.31, a 20.9% premium to the closing price of the company shares as of Aug. 7.

Eidos' board formed a special committee consisting of the disinterested and independent directors, Rajeev Shah and William Lis, to consider the takeover offer.

The special committee tapped Centerview Partners LLC as its independent financial adviser and Cravath Swaine & Moore LLP as its independent legal adviser to assist it in considering the proposal.

The board added that it has not made any decision regarding BridgeBio's offer, and there can be no assurance that any definitive agreement will be executed or approved.