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Steel Partners Renews Fight for Medical Device Firm InMode
US investment fund Steel Partners is renewing its bid to acquire medical device company InMode, with its $16.75 per share offer set to expire on October 30th. The fund accuses InMode's board of failing to engage in good-faith negotiations and is threatening legal action.
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What happened
- 01Steel Partners renewed its bid to acquire InMode for $16.75 per share, valuing the company at $980 million.
- 02The fund's offer expires on October 30th, and it threatens legal action against InMode's directors.
- 03Steel Partners accuses the InMode board of refusing to negotiate and of conflicts of interest.
- 04Founder Moshe Mizrahi has a competing offer of $950 million, or $16.20 per share.
- 05Earlier bids for InMode valued the company at $1.1 billion.
- 06Steel Partners cites InMode's declining business results and alleged governance failures.
Steel Partners' offer values the company at $980 million, while founder Moshe Mizrahi has a competing bid. The fund also alleges conflicts of interest and poor corporate governance by the current board.
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