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Steel Partners offers $16.75 per share for InMode
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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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