The Ledger
An Israeli court just froze InMode’s board from deciding on a takeover fight, after the aesthetic-device maker’s largest outside shareholder accused management of rigging the sale process in its own favor. Steel Partners Holdings, which owns about 1.3 percent of InMode, offered $16.75 a share in cash for the company on July 9, a 20 percent premium to InMode’s unaffected price and 55 cents above a rival buyout proposed by InMode’s own chief executive, Moshe Mizrahy, through his vehicle M.N. Business Strategy Ltd. InMode’s board confirmed receipt of Steel’s unsolicited bid on July 10 and said its independent special committee would review it, but the same day Steel’s affiliate SP Strategic Holdings LLC filed an urgent application in Israel’s Haifa District Court, and on July 12 the court extended the response deadline to July 19 and barred InMode’s board from approving or rejecting either proposal until a hearing on Steel’s request is held. Steel has argued Mizrahy’s offer undervalues the company by using a 65 million dollar 2026 adjusted EBITDA estimate against InMode’s own 73 to 78 million dollar guidance. Confidence: High on the filings and court timeline; Medium on how the underlying valuation dispute gets resolved. Sources: Steel Partners’ offer announcement, BusinessWire, InMode’s confirmation of the unsolicited proposal, PR Newswire, InMode’s Form 6-K on the Haifa District Court order, obtained via StockTitan.
Hospital M&A just had its strongest second quarter since 2018, with 18 transactions and 7.7 billion dollars in transacted revenue, more than five times the 1.4 billion dollars recorded a year earlier. Kaufman Hall’s Q2 2026 hospital and health system M&A report, published July 13, counted three mega-mergers involving sellers with at least 1 billion dollars in annual revenue, including Quorum Health’s May 2026 conversion to nonprofit status through a partnership with Healthside Partners, and found nearly all buyers, 10 independent nonprofits and 4 academic systems, were themselves nonprofit rather than private equity or for-profit chains. Kaufman Hall managing director Kris Blohm said organizations are “evaluating options earlier in their strategic planning cycles, seeking complementary capabilities rather than waiting until partnerships become necessary,” a rebound from a 2025 slump tied to Medicaid-cut uncertainty that eased once the One Big Beautiful Bill Act became law. Confidence: High. Source: Healthcare Dive’s report on Kaufman Hall’s Q2 2026 M&A data.
ResMed is selling its MatrixCare post-acute software business to private equity firm Frazier Healthcare Partners for 490 million dollars, less than two-thirds of the 750 million dollars it paid for the company in 2018. The all-cash deal, agreed June 30 and announced July 7, covers MatrixCare and related brands Healthcare First and Citus, which serve more than 15,000 skilled nursing, senior living, and home health and hospice providers and generated about 220 million dollars in revenue and 55 million dollars in non-GAAP operating profit in ResMed’s fiscal 2026; it excludes ResMed’s Brightree and MEDIFOX DAN software lines. ResMed says proceeds will fund an accelerated share buyback and let the company refocus on sleep and breathing devices, and expects to close the sale in the first quarter of its fiscal 2027, which begins in July. Confidence: High. Sources: ResMed’s sale announcement, ResMed’s Form 8-K, obtained via StockTitan.
CONMED Corporation shares jumped as much as 10 percent after hours on July 10 on a Bloomberg Law report that the surgical device maker is working with advisers on a possible sale after drawing private equity takeover interest. No bidders or formal process have been publicly disclosed, and CONMED has not confirmed a sale is underway; the report lands as the company works through a rougher stretch, with first-quarter revenue down 1.3 percent to 317 million dollars and adjusted earnings per share down 6.3 percent to 89 cents, partly on a roughly 15.5 million dollar hit from exiting its gastroenterology line. Confidence: Low. This is a single-sourced, unconfirmed report about a company that has made no public statement. Source: Yahoo Finance’s report on CONMED’s takeover-interest reaction, citing Bloomberg Law.
THE DEAL SHEET
| Target | Acquirer/Investor | Vertical | Value | Source |
|---|---|---|---|---|
| InMode Ltd | Steel Partners Holdings (unsolicited, competing with a Moshe Mizrahy-led buyout) | Medtech, aesthetic devices | $16.75 a share in cash, unsolicited | Steel Partners’ offer announcement, BusinessWire |
| MatrixCare (ResMed) | Frazier Healthcare Partners | Post-acute health IT | $490 million, agreed June 30 | ResMed’s sale announcement |
| Dreampath Diagnostics | Halma plc | Diagnostics, pathology lab automation | Up to 275 million euros (154 million upfront plus 121 million earnout) | Halma’s acquisition announcement |
| Two Texas skilled nursing facilities (Las Ventanas de Socorro, Los Arcos del Norte) | The Ensign Group, via Standard Bearer Healthcare REIT | Post-acute, skilled nursing real estate | Undisclosed, effective July 1 | The Ensign Group’s acquisition announcement, GlobeNewswire |
| Lone Peak Dental Group | TCW Steel City-led lender group (recapitalization, with Brightwood, CIFC and CalSTRS) | Dental service organization | $170 million credit facility | TCW Steel City’s recapitalization announcement, PR Newswire |
Qiagen remains in play, with EQT, Advent, and KKR each reported to be studying a takeover of the roughly 7.85 billion dollar diagnostics maker since July 9, but no formal offer has landed, so it is not listed as a deal yet. No 8-Ks or earnings releases landed in the last 24 to 48 hours from the major payers and health systems we track. UnitedHealth reports Q2 results July 16, Centene around July 28, Humana July 29, Cigna and CVS both July 30, and Oscar Health August 6.