Bloomin’ Brands BLMN, +8.70% shares rallied 8% in premarket trade on Friday after the Wall Street Journal reported that activist investor Starboard Value has built a stake in the owner of Outback Steakhouse. The report, citing people familiar with the matter, said Starboard has built a stake of more than 5% in Bloomin’ Brands, but it didn’t say what Starboard may request from the company.
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