Bloomin’ Brands shares rose almost 10% in pre-market trade on Friday after it was revealed that activist investor Starboard Value has increased its stake in the company to 9.9%.
Per a regulatory filing, the firm now holds 8,623,000 shares of the company, which owns and operates the restaurant chains Outback Steakhouse, Bonefish Grill, Carrabba's Italian Grill and Fleming's Prime Steakhouse & Wine Bar.
According to a Wall Street Journal report, this makes Starboard one of Bloomin’ Brands’ top five stakeholders.
The specific changes that the firm may push for at Bloomin’ Brands are not known, the report said.
Bloomin’ Brands shares were up 9.3% at US$28 before the opening bell in New York.
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