Jana Partners May Push for Bloomin’ Brands to Sell

August 30, 2019 | Activist Updates, Hedge Funds

Activist fund discloses new stake in Outback Steakhouse Owners

Jana Partners disclosed a 9% stake in Bloomin Brands (NASDAQ: BLMN) on Friday.

Barry Rosenstein’s shop is one of the most prominent activist hedge funds in the business. Don’t be surprised to see them push for new changes, including a sale of assets in the near future.

Jana Partners Owns 7.8 Million Shares

The last time that Jana Partners owned this much stock it reached a settlement in 2018 that saw the hedge fund and Bloomin’ Brands add Wendy Beck to the board of directors. Although Jana dropped Bloomin stock off its regulatory filings, it stepped back in after a drop in share prices and a round of insider selling of company stock.

The hedge fund plans to push for changes to the board, spinoffs, or other strategic alternatives.

After all, Jana was the successful activist fund behind the merger between Whole Foods and Amazon.com (NASDAQ: AMZN).

Bloomin’ Brands Knows Activists 

This isn’t Bloomin’ Brands’ first dance with an activist hedge fund.

In 2017, Barrington Capital pushed for the company to spin off restaurant chains Bonefish Grill, Carrabba’s and Fleming’s into a new company. Barington Capital also wanted Outback Steakhouse to operate as its own public company.

Finally, Barington Capital cut its stake in BLMN stock.

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