InMode Stock Jumps as Steel Partners Submits Superior Takeover Bid

Shares of medical aesthetics device maker InMode (INMD) surged in morning trading after major shareholder Steel Partners Holdings L.P. submitted a formal proposal to acquire the company. The bid escalates an ongoing takeover battle and has pushed the company's stock up by +3.3% on a day when broader market indices were largely flat.

A Bidding War Ignites

Steel Partners, an existing shareholder, offered to acquire all outstanding shares of InMode for $16.75 each in cash, according to its announcement. The proposal represents a significant premium over a competing $16.20 per-share bid previously submitted by a group led by InMode's own CEO, Moshe Mizrahy.

The Steel Partners offer is structured to give existing shareholders the option to roll over up to 40% of their equity into the newly private entity. The firm has set a deadline of July 13 for InMode's independent directors to respond to its proposal.

Governance and Valuation at Issue

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Beyond the higher price, Steel Partners' offer was accompanied by a list of governance demands. The firm called on InMode's board to form an independent special committee, retain an independent investment bank, and remove Mizrahy as CEO, citing concerns over his conduct during the strategic review.

Steel Partners also argued that the CEO-led bid materially undervalues InMode. It pointed to a discrepancy in financial projections, noting the CEO's offer relies on a 2026 adjusted EBITDA estimate of $65 million, which is well below InMode's own guidance of $73 million to $78 million issued in May 2026. This sentiment has been echoed by another independent shareholder, DOMA Perpetual Capital, which previously opposed the CEO's bid as inadequate.

Market Impact

The competing bids have created a clear catalyst for InMode's stock, which is now trading near the top of its 52-week range of $12.72 to $16.74. For investors, the escalating situation signals a higher probability of an acquisition at a premium price. The market's positive reaction reflects the potential for a more favorable outcome for shareholders than the initial offer presented by the management-led group.