InMode: The Dollar for 50 Cents? Why Steel Partners Wants to Strike at InMode!

At InMode Ltd. (INMD), Steel Partners commented on January 29th about why they are willing to pay a hefty premium for a 51% stake in the company. They had offered $18 per share. Among the reasons given was that the company is sitting on a huge pile of cash (around $532 million, with almost no debt). Since the market capitalization was around $1 billion before the offer, the cash made up about half of the market value. Steel Partners is effectively buying the dollar for about 50 cents (referring to the operational business). InMode's stock has significantly...