InMode shares moved higher in morning trading, climbing about +3.3% after Steel Partners Holdings L.P., a major existing shareholder, lodged a formal cash acquisition proposal at $16.75 per share. That offer eclipses a rival bid of $16.20 per share put forward by a group led by InMode Chief Executive Officer Moshe Mizrahy.
Steel Partners' proposal amounts to roughly a 20% premium relative to the company's unaffected share price, and it presents existing holders with the choice of rolling up to 40% of their equity into an entity to be owned by Steel. Beyond the headline figure, Steel intensified the dispute over control by demanding that InMode’s board create an independent special committee, hire an independent investment bank to advise the company, and remove Mizrahy from his CEO post - actions Steel attributes to concerns about Mizrahy’s conduct during the strategic review.
The investment firm also contends the CEO-led offer materially undervalues InMode, pointing to the bid’s reliance on a 2026 adjusted EBITDA projection of $65 million. Steel contrasted that estimate with InMode’s own May guidance for 2026, which projects adjusted EBITDA in a range of $73 million to $78 million. Independent shareholder DOMA Perpetual Capital has publicly opposed the CEO-backed proposal as an undervaluation, increasing pressure on the board to seek a higher outcome for shareholders.
Market action beyond InMode was muted; both the S&P 500 and the Nasdaq were essentially flat on the day, and there were no comparable M&A developments reported among peers in the medical aesthetics device sector. Those conditions point to a company-specific catalyst behind the move in InMode’s stock, rather than broader sector or market forces.
Steel Partners set a firm deadline of July 13 for a response from InMode’s independent directors. With two competing acquisition proposals now on the table and visible shareholder opposition to the lower CEO-backed bid, market participants are treating the latest developments as a step that could lead to a premium exit for shareholders. That perception has helped push the stock toward the top of its 52-week trading range, which runs from $12.72 to $16.74.
Clear summary
Steel Partners has offered to buy InMode for $16.75 per share in cash - higher than a CEO-led $16.20 per share bid - while pressing the company for governance changes and arguing the rival proposal undervalues the business versus company guidance. Independent shareholder opposition to the lower bid and a July 13 response deadline have amplified market focus on a potential higher-value outcome.