.jpg)
1 hour ago
2
Article content
(Bloomberg) — Steel Partners Holdings LP has made an offer to buy a majority stake in InMode Ltd., which makes devices for minimally invasive body treatments, according to people familiar with the matter.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Steel has offered to buy 51% of the Israel-based company for $18 per share, said the people, who asked to not be identified because the details aren’t public.
Article content
Article content
Steel, which owns about 1.3% of the company’s outstanding stock, would fund the transaction with cash on hand and borrowings under its existing credit facility, with no financing contingency, the people said.
Article content
Article content
Steel has been attempting to meet with company management for several months to discuss how to enhance shareholder value, they said. It also recently brought its proposal to the company and has attempted to engage with management and been rebuffed, they added.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
InMode fell 0.9% to $15.12 in New York trading Wednesday, giving the company a market value of about $956 million. The stock — which gained as much as 11% in late trading Wednesday – has fallen 12% in the past year. Calcalist reported this week that that a “foreign investment fund” was in talks to buy the company at a valuation of about $1.1 billion.
Article content
A representative for Steel declined to comment. A representative for InMode didn’t immediately respond to a request for comment.
Article content
InMode, which went public in 2019, makes devices for flattening bellies and tightening chins without invasive surgery. Customers are surgically trained physicians catering to people who don’t want to get laser treatments or plastic surgery. Its devices use radiofrequency energy to reduce fat and tighten skin, according to its website.
Article content
Article content
Steel believes the company has opportunities to boost sales organically and through selective M&A to expand its product portfolio and geographic reach, the people said. Doma Perpetual Capital Management, another shareholder in the company, has also been urging the board to return capital to shareholders.
Article content
Steel, which describes itself as a diversified global holding company, owns and operates a diverse suite of businesses, including an oilfield services provider, a youth sports platform and state-chartered industrial bank, among others.
Article content
(Updates trading in fifth paragraph; adds line about Doma Perpetual in penultimate paragraph)
Article content
English (US)