InMode Receives $16.20/Share Take-Private Proposal, Board Forms Special Committee
INMD sits 17% above its 52-week low of $12.72.
Summary
InMode Ltd. has received an unsolicited take-private proposal from MN Business Strategy to acquire all outstanding shares it doesn't already own for $16.20 apiece. The company's board has formed a special committee of independent directors to evaluate the offer. This follows a 6-K filing earlier today confirming the proposal and comes after a previous special committee had rejected other potential take-private proposals in June. The $16.20 offer represents a premium to the current share price, driving shares up 11% in premarket trading. The market will now focus on the special committee's evaluation and potential recommendation.
At the time of this announcement, INMD was trading at $14.85 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $767.4M. The 52-week trading range was $12.72 to $16.74. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.