Steel Partners Holdings LP has presented a proposal to acquire a majority ownership stake in InMode Ltd., the Israel-based manufacturer of devices used for minimally invasive body treatments. According to reporting, the investment firm has proposed purchasing 51% of the company at a price of $18 per share.
The firm presently holds roughly 1.3% of InMode’s outstanding common stock. Steel Partners plans to fund the proposed purchase through a combination of cash resources on hand and borrowings under its existing credit facility. The proposal, as described in the report, carries no financing contingency.
Steel Partners has reportedly pursued dialogue with InMode’s management for several months, seeking to present its views and potential strategies aimed at enhancing shareholder value. Those outreach efforts, the report says, culminated in the recent offer, but the firm has faced resistance and has been rebuffed in its attempts to meet with company executives.
The proposed transaction would represent a decisive change in ownership if completed, moving Steel Partners from a small minority stake to a majority position. At present, the offer has been made public but there is no report in the available account that InMode’s management or board have accepted, negotiated or responded to the terms of the proposal beyond the described rebuff to engagement.
Context and implications
Based on the details reported, Steel Partners is using a mix of internal liquidity and credit availability to structure the bid, and has not tied the proposal to outside financing arrangements. The firm’s limited current ownership - roughly 1.3% - and the reported difficulty in securing meetings with company leadership are central facts in the public account of the approach.
The available report does not include further information on timelines, any responses from InMode’s board or shareholders, or additional procedural steps that might follow the filing of the offer. Nor does it provide commentary on potential regulatory steps, governance actions or financing covenants beyond the assertion that the offer contains no financing contingency.
Clear summary
Steel Partners has offered to acquire 51% of InMode at $18 per share, intending to fund the purchase with cash and borrowings. The firm, which owns about 1.3% already, has sought meetings with InMode management for months but has been rebuffed.