Activist hedge fund Jana Partners on Friday disclosed a large new stake in Outba...
BOSTON - Activist hedge fund Jana Partners on Friday disclosed a large new stake in Outback Steakhouse owner Bloomin’ Brands Inc , returning for the second time in nearly two years to push for fresh changes after reaching a settlement in 2018.
Jana, one of the industry’s most powerful activist hedge funds, said in a regulatory filing that it owns 9%, or 7.8 million shares, and plans to discuss strategic alternatives with management. These might include a sale of the company, spinning off pieces of the company, changing the way it spends money and who sits on its board.Bloomin’ Brands did not immediately respond to an email seeking comment.
The company and the activist hedge fund quickly reached a settlement in February 2018 and agreed to add an independent director to its eight member board. Wendy Beck, a former chief financial officer at Norwegian Cruise Line Holdings Ltd, still sits on the board. But an increase in stock sales by company insiders coupled with a sinking stock price prompted Jana to return a second time, something it generally does not do, a person familiar with the fund’s investments said.
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