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Steel Partners tops CEO-led buyout bid for InMode

Steel Partners tops CEO-led buyout bid for InMode

Money Moves

A rival cash offer challenges the CEO's plan to take the medical-device maker private

Yesterday: Steel tops the CEO bid

Overview

InMode'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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Key Indicators

$16.75
Steel Partners' cash bid per share
Steel's all-cash offer for every InMode share.
$0.55
Amount above the CEO's bid
How much more per share Steel offers than the management group's $16.20.
20%
Premium to unaffected price
Steel's bid versus InMode's $13.95 price before takeover speculation.
7.36%
CEO Mizrahy's current stake
Down from 17.6% at InMode's IPO, per Steel's letter.

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People Involved

Organizations Involved

Timeline

January 2026 July 2026

5 events Latest: Yesterday
Tap a bar to jump to that date
  1. Steel tops the CEO bid

    Latest Offer

    Steel 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.

  2. Board forms a special committee

    Governance

    InMode sets up a committee of independent directors to review the CEO-led offer.

  3. CEO group proposes a buyout

    Offer

    A group led by CEO Moshe Mizrahy offers $16.20 a share to take InMode private.

  4. InMode cuts its profit outlook

    Financial

    The company lowers 2026 adjusted EBITDA guidance to a range of $73-78 million.

  5. Steel Partners floats a partial bid

    Offer

    Steel 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.

February-October 2013

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.

Then

Dell raised his bid to $13.75 plus a special dividend and won a shareholder vote.

Now

The fight became a standard example of the conflicts when a CEO tries to buy his own company.

Why this matters now

Like Mizrahy, Dell was both the boss and a buyer, forcing a special committee to weigh a rival's higher offer.

2013

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.

Then

A Delaware court found Murdock and a top deputy breached their duties.

Now

The court awarded shareholders about $148 million, a warning to conflicted insider buyers.

Why this matters now

Steel accuses Mizrahy of a similar playbook: talking down the company, then buying it cheap.

2005-2007

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.

Then

The family raised its offer multiple times before winning approval at $36.26 a share.

Now

The saga showed how controlling insiders can be forced up in price by resistant boards.

Why this matters now

It shows how an independent committee can push an insider bid higher, as InMode's directors may now do.

Sources

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