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%.