Bloomin' Brands up on report activist investor builds stake

Bloomin' Brands

18/08/2023 11:45

** Shares of Restaurant chain Bloomin' Brands  BLMN.O 
advance 8.7% to $27.84 premarket 
    ** Wall Street Journal reports activist investor Starboard
Value builds more than 5% stake in co
    ** Starboard to now be among co's top-five shareholders -
report
    ** WSJ adds, Starboard targets cos that could benefit from
operational and financial improvements/attractive takeover
targets
    ** As of last close, co's price-to-earnings ratio was at
8.75x its forward earnings multiple vs industry median of 14.45x
    ** Up to last close, stock has risen 27% YTD 

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