InMode shareholder Steel Partners has pitched a takeover bid for the medical technology company, trumping an offer from a group that includes InMode's co-founder and chief executive.

Steel in a letter to InMode's board said it is offering to acquire all outstanding shares for $16.75 a share in cash, which would value the target at roughly $962.8 million.

The bid is 55 cents a share above the $16.20 offered last month by MN Business Strategy, which includes InMode CEO Moshe Mizrahy.

Steel said its offer isn't contingent on any external financing conditions and would include an option for investors to remain shareholders in the company, with a mechanism for existing holders to roll over up to 40% of the company's equity into a Steel-owned InMode.

Steel said its bid also doesn't depend on the cooperation of InMode's manufacturer, Medimor, or its U.K. distributor, Wigmore Medical. The principal owner of Medimor and two owners of Wigmore are part of MN Business Strategy, it said.

InMode last month said it received an unsolicited takeover proposal from MN Business Strategy, an offer opposed by shareholders including Steel and DOMA Perpetual Capital Management. InMode at the time said its board had formed a special committee of independent directors to evaluate the proposal.

Steel in its letter to InMode's board said that regardless of whether the company is sold, it believes Mizrahy is no longer fit to be CEO. It said Mizrahy has overseen a period of significant operating and share price erosion at InMode.

Steel said it was calling on the board to engage over the offer and is seeking a written response to the bid from "genuinely independent" directors no later than after markets in New York close on Monday.

Steel has made previous attempts to buy InMode, and in January said it had offered $18 a share for 51% of the outstanding shares. At the time, it had a 1.3% stake in the company. InMode in early February disclosed it was evaluating potential strategic alternatives

InMode's shares last closed on Nasdaq at $14.46, up 5.6% over the last three months but down 5.1% year-to-date.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

July 09, 2026 09:44 ET (13:44 GMT)

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