Bloomin’s Brands Inc.’s stock BLMN 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 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 has gained 13.8%.
…
This article was originally published by Marketwatch.com. Read the original article here.
