Steel Partners Launches $16.75/Share All-Cash Bid for InMode, Topping CEO's Offer
INMD sits 19% above its 52-week low of $12.72.
Summary
Steel Partners made an unsolicited all-cash offer to acquire InMode for $16.75 per share, a 3.4% premium over the $16.20 CEO-led proposal from June 24. The bid comes just nine days after Steel publicly criticized the insider deal as undervaluing the company. This escalates a takeover battle, with the new offer representing a 10.5% premium to yesterday's close. The board's special committee, which previously rejected strategic alternatives, now faces competing bids. The next move likely hinges on whether the CEO group raises its offer or the board engages with Steel.
At the time of this announcement, INMD was trading at $15.16 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $831.2M. 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.