Steel Partners asks Israeli court to block InMode's review of CEO-led buyout bid
INMD sits 19% above its 52-week low of $12.72.
Summary
Steel Partners filed an urgent Israeli court application to halt InMode's review of the CEO-led take-private bid, citing director independence concerns. The court ordered no decision on the proposals until a hearing, intensifying the takeover fight.
Key Events · Legal and Risk Events · INMD
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Court Application Filed
An urgent application was filed in Haifa District Court by Steel Partners affiliate SP Strategic Holdings, seeking to halt the special committee's review of the CEO-led $16.20/share buyout proposal over alleged director independence issues.
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Interim Relief Granted
The court extended the response deadline to July 19, 2026, and postponed the hearing, subject to the respondents' undertaking not to approve or reject the proposals before the hearing.
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Takeover Battle Intensifies
This legal action follows Steel Partners' own $16.75/share all-cash offer and public criticism of the CEO-led bid, marking a significant escalation in the fight for control of InMode.
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Next Milestone
The court hearing on the request for temporary relief is pending; the respondents must file their response by July 19, 2026.
Analysis · INMD · Industrial Applications And Services
The takeover battle intensified as Steel Partners filed an urgent court application to freeze the special committee's evaluation of the CEO's $16.20/share proposal, alleging director conflicts. An interim court order now prevents any decision on the proposals until a hearing, effectively stalling the process. This legal maneuver directly challenges the board's independence and could delay or derail the CEO-led bid, while Steel's own $16.75/share offer remains on the table. The outcome of the July 19 hearing will be pivotal for control of the company.
At the time of this filing, INMD was trading at $15.20 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $878.3M. The 52-week trading range was $12.72 to $16.74. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.