InMode (INMD) has received a buyout proposal from shareholder Steel Partners to acquire all of its shares for $16.75 per share in cash, Steel Partners said Thursday.
Steel Partners said the proposal was superior to an earlier offer from MN Business Strategy, which is linked to InMode's chief executive Moshe Mizrahy, to acquire the company for $16.20 per share.
Steel Partners also said that Mizrahy had "manipulated market expectations about the company's prospects and value" and called on the InMode board
to remove him as CEO and form a special committee composed of "truly independent" board members to consider its offer.
"Regardless of whether the company is sold, Moshe Mizrahy is no longer fit to be CEO of InMode," Steel Partners said in a letter to the board.
InMode did not immediately reply to a request for comment from MT Newswires.
InMode shares were more than 6% higher in premarket trading.
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