Hedge Fund: Jana Partners Strikes Deal with Bloomin’ Brands on Directors
Activist fund Jana Partners has struck a deal with Bloomin’ Brands (NASDAQ: BLMN) on board seats. The two firms agreed to add two new independent directors to the restaurant company’s board. Bloomin is best known as the owner of Outback Steakhouse.
The activist fund, which owns 9% of BLMN, has been pushing for changes to the board due to falling sales at the company.
Activist Fund Jana Partners and BLMN
The two new directors are Scott Ostfeld and John Gainor.
Ostfeld is a partner at Jana, while Gainor has a deep background in casual dining. The board of Bloomin’ Brands now consists of 10 directors.
This has been a long-standing, public push by activist fund Jana Partners. It pressed last year for the company to explore strategic options, including the spinoff of Outback or other assets. In addition, it pushed in February for new directors to the company board.
Bloomin’ Brands – like every other restaurant company in America – is facing a very ugly second quarter. Coronavirus has shut down the restaurant business. Shares of BLMN stock have plunged from roughly $23.50 on February 21 to roughly $8.29 on Monday. Shares were off 9.1% at the time of publication. The stock fell to as little as $4.54 prior to Congressional intervention in the economy.
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