Steel Partners offers $16.75 per share for InMode
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- Steel Partners Holdings offered to acquire 100% of InMode for $16.75 per share in cash.
- The proposal provides a $0.55 per share increase over a competing offer from the company chief executive.
- The investment firm stated the board must evaluate the offer and remove the current chief executive.
Steel Partners Holdings offered to acquire all outstanding shares of InMode (NASDAQ:INMD) for $16.75 each.
This proposal provides a $0.55 per share premium over a competing buyout offer from the chief executive.
"Our offer price is a 20% premium to the unaffected price of $13.95," said Steel Partners Holdings management.
The investment firm stated existing investors can roll over up to 40% of their current equity.
The bidding group demanded an independent board evaluation.
The proposal claims the chief executive manipulated earnings expectations by valuing the business using a reduced EBITDA baseline.
The letter alleges the executive sold roughly 11 million shares before repurchasing equity at lower market valuations.
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