(Bloomberg) -- Shares of Bloomin’ Brands Inc. spiked Friday on news that activist investor Jana Partners had once again built a stake in the owner of Outback Steakhouse.
Jana said it had a 9% holding and planned to push for changes, including the possible sale of all or part of the company, according to a filing. The hedge fund also said it may seek to propose new directors to the board.
Bloomin’ Brands jumped as much as 8.9%. The shares climbed to $18.10 at 3:55 p.m. in New York, up 8%, giving it a market of about $1.6 billion.
It’s the second time New York-based Jana has built a stake in Bloomin’ Brands. In 2018, the company appointed Wendy Beck to its board as part of a settlement with the activist. The total shareholder return at Bloomin’ Brands between November 2017, when Jana first disclosed its stake in the company, and April 2018, when it exited, was roughly 32%, according to data compiled by Bloomberg.
Another activist, Barington Capital, had also pushed for changes at the company.
Shares in Bloomin’ Brands had fallen about 13% in the 12 months through Thursday’s close.
Tampa, Florida-based Bloomin’ Brands is the owner of several fast casual restaurants in addition to Outback Steakhouse, including Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse and Wine Bar.
In an emailed statement, Bloomin’ Brands said it appreciates the views of stockholders “and will consider all perspectives shared with us.”
©2019 Bloomberg L.P.
RECOMMENDED FOR YOU
