Steel Partners has made a public offer to acquire a controlling 51% stake in Israel-based medical technology company InMode at $18 per share, representing a 29% premium over the firm's recent closing price. The investment firm, which currently holds a small stake in InMode, stated that it would fund the transaction using a mix of available cash and existing credit. Steel Partners expressed dissatisfaction with InMode's shareholder returns and said previous private outreach to company leadership was unsuccessful, leading it to present the proposal directly to shareholders.

Steel Partners has indicated its willingness to proceed without a financing contingency and is prepared to sign a non-disclosure agreement to facilitate further discussions. If InMode's management does not engage, Steel Partners may take its offer directly to shareholders. The firm sees potential to improve InMode's sales and performance through better commercial execution and targeted acquisitions, while maintaining cost discipline. InMode, which specializes in devices for minimally invasive esthetic procedures, has not commented on the offer.