An Outback Steakhouse truck sits parked outside a restaurant in New York.
Daniel Acker | Bloomberg | Getty Images
Shares of Outback Steakhouse owner Bloomin’ Brands rose 8.7% Friday after an activist investor disclosed its interest in the restaurant company.
Starboard Value now owns 9.9% of Bloomin’s shares, according a regulatory filing. Starboard believes Bloomin’ is undervalued, CNBC’s Sara Eisen reported, citing sources. The restaurant company has a market value of $2.43 billion, as of Friday’s close.
In recent quarters, Bloomin’s sales growth has slowed. Earlier in August, the company reported that its U.S. same-store sales grew just 0.8% in the second quarter as traffic to its restaurants shrank.
In addition to Outback, Bloomin’ also owns Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse and Wine Bar.
It’s unclear what changes Starboard plans to push for at Bloomin’ Brands at this point. Past activists investors targeting the company, including Jana Partners…
2023-08-18 15:04:30
Source from www.cnbc.com