Outback Steakhouse Owner Bloomin’ Brands Jumps On Jana Stake

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Shares of Bloomin’ Brands (BLMN), the owner of Outback Steakhouse, jumped on Monday after Jana Partners disclosed an 8.7% stake in the company, the latest move by the activist investor in a struggling restaurant industry.

In a regulatory filing, Jana said the company’s shares were “undervalued and represent an attractive investment opportunity.” Jana said it planned to have discussions with the company’s board and management, “including a review of strategic alternatives including exploring a sale”.

The move comes days after Jana reported a $134 million stake in Jack in the Box (JACK). Jana also scooped up a portion of Whole Foods Market before the grocery chain was bought by Amazon (AMZN).

Blooming’ Brands leapt 12.4% to 20.54 in the stock market today. Jack in the Box fell . Dunkin’ Brands (DNKN), which was a rumored acquisition target of JAB Holdings, dipped 0.5%.

Buffalo Wild Wings (BWLD), which popped 16% last week on a reported takeover offer, rose 0.8%.

source:-.investors.