Outback Steakhouse owner's stock rises after activist Starboard Value buys stake
Publishing timestamp: 2023-08-18 10:50:04
Summary
Starboard Value, an activist investor, has disclosed its interest in Bloomin' Brands, the owner of Outback Steakhouse. Starboard now owns 9.9% of Bloomin's shares. Bloomin' Brands has experienced slowed sales growth in recent quarters. The company's shares rose 7% on the news of Starboard's interest. It is unclear what changes Starboard plans to push for at Bloomin' Brands. Starboard has a successful track record of turnarounds in the restaurant industry, including Darden Restaurants and Papa John's.
Sentiment: NEUTRAL
Keywords: retail industry, business, business news, markets, restaurants, breaking news: business, bloomin' brands inc, papa john's international inc, darden restaurants inc, breaking news: markets,
Source: https://www.cnbc.com/2023/08/18/outback-steakhouse-owners-stock-rises.html