The Wall Street Journal: Shares of Outback Steakhouse parent surge after Jana discloses large stake
Shares of Outback Steakhouse owner Bloomin’ Brands shot up on Monday after activist hedge fund Jana Partners LLC disclosed a large stake and plans to push for change, including a possible sale.
The stock surged 12% to close Monday at $ 20.54, its biggest one-day gain in nearly four years.
The roughly 8 million share stake, or about 8.74% of shares outstanding, would make Jana the second-largest shareholder in the company, according to FactSet data.
Jana, one of the biggest activist funds, led the push to shake up Whole Foods Market that helped prompt the natural grocer’s sale to Amazon.com Inc. On Monday, Jana said in a securities filing that it believes Bloomin’s stock BLMN, +12.42% is undervalued and plans to push for a review of strategic alternatives, which could include a sale.
An expanded version of this report appears on WSJ.com.
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