Bloomin’s Brands Inc.’s stock was up 5% premarket Friday, after activist investor Starboard Value LP confirmed it has built a 9.9% stake in the parent of...
Bloomin’s Brands Inc.’s stock BLMN, -3.47% was up 5% premarket Friday, after activist investor Starboard Value LP confirmed it has built a 9.9% stake in the parent of Outback Steakhouse. The news was reported earlier by the Wall Street Journal.
Starboard is known for campaigns including one waged against Darden Restaurants Inc. DRI, -0.89% a decade ago. Darden is parent of Olive Garden. Bloomin’s portfolio includes Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. The stock has gained 27% in the year to date, while the S&P 500 SPX, -0.77% has gained 13.8%.
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