Bloomin' Brands (NASDAQ:BLMN) shares rose over 6% in pre-open Friday trading in response to a report from the Wall Street Journal, revealing that activist investor Starboard Value has strategically acquired a stake exceeding 5% in the restaurant chain operator.
Starboard is now of BLMN’s top five shareholders, according to a report. The hedge fund tends to target companies that could benefit from operational and financial improvements or be attractive takeover targets.
Bloomin' Brands owns brands like Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar.
BLMN stock is up 27.3% year-to-date.