An Outback Steakhouse truck sits parked outside a restaurant in New York.
Shares of Outback Steakhouse owner Bloomin' Brands rose 7% in morning trading Friday after an activist investor disclosed its interest in the restaurant company.
Starboard Value now owns 9.9% of Bloomin's shares, according a regulatory filing.
In addition to Outback, Bloomin' also owns Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse and Wine Bar.
Starboard Value has a proven track record of successful turnarounds at restaurant companies.
Persons:
Bloomin, Jana Partners, Garden's breadsticks, Papa John's, John Schnatter, Jeff Smith
Organizations:
Fleming's, Wine, Bloomin, Barington Capital Group, Darden Restaurants
Locations:
New York