The Wall Street Journal: Shares of Outback Steakhouse parent surge after Jana discloses large stake

Shares of Outback Steakhouse owner Bloomin’ Brands shot up on Monday after activist hedge fund Jana Partners LLC disclosed a large stake and plans to push for change, including a possible sale.

The stock surged 12% to close Monday at $20.54, its biggest one-day gain in nearly four years.

The roughly 8 million share stake, or about 8.74% of shares outstanding, would make Jana the second-largest shareholder in the company, according to FactSet data.

Jana, one of the biggest activist funds, led the push to shake up Whole Foods Market that helped prompt the natural grocer’s sale to Amazon.com Inc. On Monday, Jana said in a securities filing that it believes Bloomin’s stock BLMN, +12.42%   is undervalued and plans to push for a review of strategic alternatives, which could include a sale.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

Trump administration tightens scrutiny of skilled worker visa applicants.

FCC to outline plant to roll back net-neutrality rules.

Filed in: Top News Tags: 

You might like:

The Margin: Elon Musk calls transit expert an ‘idiot,’ and then the ‘idiot’ fires back The Margin: Elon Musk calls transit expert an ‘idiot,’ and then the ‘idiot’ fires back
10 financial lessons you can learn from holiday movies 10 financial lessons you can learn from holiday movies
Read this before taking your next trip to the beauty salon Read this before taking your next trip to the beauty salon
9 New Year’s resolutions for the nearly retired 9 New Year’s resolutions for the nearly retired
The Wall Street Journal: NFL takes over probe into allegations against Carolina Panthers owner Jerry Richardson The Wall Street Journal: NFL takes over probe into allegations against Carolina Panthers owner Jerry Richardson
Market Extra: J.P. Morgan sees stocks rallying to 3,000 in 2018 Market Extra: J.P. Morgan sees stocks rallying to 3,000 in 2018
A surprising number of Americans are ‘self-gifting’ this holiday season A surprising number of Americans are ‘self-gifting’ this holiday season
The Wall Street Journal: Putin calls Trump to thank him for intelligence that helped thwart terrorist attack The Wall Street Journal: Putin calls Trump to thank him for intelligence that helped thwart terrorist attack

Leave a Reply

Submit Comment
© 1253 Stock Investors News. All rights reserved. XHTML / CSS Valid.