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Outback Steakhouse parent Bloomin' Brands' stock up 5% after Starboard Value confirms 9.9% stake

Bloomin's Brands Inc.'s stock (BLMN) was up 5% premarket Friday, after activist investor Starboard Value LP confirmed it has built a 9.9% stake in the parent of Outback Steakhouse. The news was reported earlier by the Wall Street Journal. Starboard is known for campaigns including one waged against Darden Restaurants Inc. (DRI) a decade ago. Darden is parent of Olive Garden. Bloomin's portfolio includes Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse & Wine Bar. The stock has gained 27% in the year to date, while the S&P 500 has gained 13.8%.

-Ciara Linnane

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08-18-23 0808ET

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