Steel Partners tops CEO-led buyout bid for InMode
Money MovesA rival cash offer challenges the CEO's plan to take the medical-device maker private
July 9th, 2026: Steel tops the CEO bidNew here? Follow stories to track developments over time. Create a free account to get updates when stories you care about change.
Overview
Updated Jul 9InMode's chief executive offered to buy his own company for $16.20 a share after cutting its profit outlook. On July 9, a rival bidder topped him with $16.75 a share in cash and demanded the board fire him.
The rival is Steel Partners Holdings, a long-time InMode shareholder. Its offer is worth $0.55 more per share and sets a July 13 deadline for InMode's independent directors to respond. Who controls the company, and at what price, is now an open fight.
Why it matters
A CEO offered to buy his own company after cutting its outlook. A rival now offers shareholders more, and wants him fired.
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An Israel-based maker of energy-based aesthetic and surgical devices, listed on Nasdaq.
A US-based holding company with industrial, financial, and energy businesses, known for activist investing.
Timeline
January 2026 July 2026
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Steel tops the CEO bid
Latest OfferSteel Partners offers $16.75 a share in cash for all of InMode, demands Mizrahy's removal, and sets a July 13 deadline. Shares rose premarket.
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Board forms a special committee
GovernanceInMode sets up a committee of independent directors to review the CEO-led offer.
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CEO group proposes a buyout
OfferA group led by CEO Moshe Mizrahy offers $16.20 a share to take InMode private.
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InMode cuts its profit outlook
FinancialThe company lowers 2026 adjusted EBITDA guidance to a range of $73-78 million.
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Steel Partners floats a partial bid
OfferSteel Partners tells InMode's board it has offered $18.00 a share for a 51% stake.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
Dolan family bids for Cablevision (2007)
The Dolan family, which controlled Cablevision, made repeated offers to take it private. Independent directors and shareholders rejected several as too low before a deal was reached.
The family raised its offer multiple times before winning approval at $36.26 a share.
The saga showed how controlling insiders can be forced up in price by resistant boards.
It shows how an independent committee can push an insider bid higher, as InMode's directors may now do.
Dell take-private battle (2013)
Founder and CEO Michael Dell offered to buy Dell Inc. with private equity firm Silver Lake at $13.65 a share. Investor Carl Icahn and others attacked the price as too low and pushed a rival plan. A special committee ran the contest.
Dell raised his bid to $13.75 plus a special dividend and won a shareholder vote.
The fight became a standard example of the conflicts when a CEO tries to buy his own company.
Like Mizrahy, Dell was both the boss and a buyer, forcing a special committee to weigh a rival's higher offer.
Dole Food take-private (2013)
Chairman and CEO David Murdock took Dole Food private at $13.50 a share. Shareholders sued, saying he drove the price down before buying and controlled the process.
A Delaware court found Murdock and a top deputy breached their duties.
The court awarded shareholders about $148 million, a warning to conflicted insider buyers.
Steel accuses Mizrahy of a similar playbook: talking down the company, then buying it cheap.
