Activist Investor Starboard Value Takes A Stake In Bloomin' Brands

(RTTNews) - Activist investor Starboard Value on Friday revealed that it has taken a stake in Outback Steakhouse owner Bloomin' Brands (BLMN).

Starboard Value now owns 9.9% of Bloomin's shares, according to an SEC filing.

The Tampa-based Bloomin' Brands is one of the largest casual-dining operators in the U.S., with over 1,000 locations across the Outback, Carrabba's, Fleming's Prime and Bonefish Grill brands.

Bloomin's sales have slowed down in the past few quarters. Earlier this month, the company reported that its U.S. same-store sales grew just 0.8% in the second quarter.

As an activist investor, Starboard is expected to put pressure on Bloomin' Brands' board to do things to improve its performance and its share price. This could include change in its leadership or making acquisitions or sales, per the filing.

Bloomin' Brands' shares were up 7% on Friday, driven by the news.