Bloomin' Brands up after activist investor builds 9.9% stake

Bloomin' Brands

18/08/2023 15:03

(Updates)
    ** Shares of restaurant chain Bloomin' Brands  BLMN.O  climb
 7.4% to $27.52
    ** Activist investor Starboard Value takes 9.9% stake in
BLMN, SEC filing shows
    ** Starboard says it bought BLMN shares based on belief that
shares, when purchased, were "undervalued"
        ** Starboard is now third-biggest shareholder, after
BlackRock Institutional Trust Company and The Vanguard Group,
according to Refinitiv data
  
        ** In August 2022, Starboard 
    slashed
     its stake in department store chain Kohl's  KSS.N  by over
80% after purchasing 3.33 million shares in May that year as KSS
    struggled
     to attract shoppers despite steep discounts to clear excess
inventory
  
    ** As of last close, BLMN's price-to-earnings ratio was at
8.75x its forward earnings multiple vs industry median of 14.45x
    ** Up to last close, BLMN up ~27% YTD 

 (Reporting by Johann M Cherian and Juveria Tabassum in
Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))