Bloomin' Brands (BLMN) Stock Pops After Jana Partners Discloses Stake

Shares of restaurant operator Bloomin’ Brands BLMN closed the day up over 12% to $20.54 per share after activist investor Jana Partners disclosed an 8.7% stake in the company.

In a regulatory filing, Jana said that it initially acquired the stake as of November 10, which makes it Bloomin’ Brands’ second-biggest outside stockholder.

The firm also said that the company’s stock was “undervalued and represent[s] an attractive investment opportunity.” Jana continued, saying that they plan on having conversations with the company’s management and board of directors, “including a review of strategic alternatives including exploring a sale.”

This announcement is just Jana’s latest stake in the food and restaurant industry. Last week, the firm disclosed a 4.5% investment in fast food chain Jack in the Box JACK, and earlier this year, Jana bought a portion of Whole Foods before the organic grocer was acquired by Amazon AMZN.

Bloomin’ Brands owns and operates popular restaurant chains Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar. BLMN has gained almost 14% year-to-date.

Bloomin' Brands, Inc. Price and Consensus

Bloomin' Brands, Inc. Price and Consensus | Bloomin' Brands, Inc. Quote

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