InMode (INMD) board received an unsolicited acquisition proposal last week for all outstanding shares not already owned by M.N. Business Strategy for $16.20 per share in cash, the medical technology company said Wednesday.

The bidder group includes InMode's co-founder and chief executive, Moshe Mizrahy, it said.

InMode's board has formed a special committee of independent directors to review the offer, but there is no assurance this will lead to any deal, the company said.