Shake-Up Alert: 40 Companies Facing Activist Pressure

Page 3 of 31

29. Starboard Value LP at Bloomin’ Brands, Inc. (NASDAQ:BLMN)

Stock Return: – 23%

S&P 500 Return: 22.5%

Investment date: 18/08/2023

Number of hedge funds holding stakes: 29

Bloomin’ Brands, Inc. (NASDAQ:BLMN) is the proprietor and manager of casual, upscale casual and high-end dining establishments across the United States and abroad. Its collection of dining venues encompasses Outback Steakhouse, Carrabin’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar.

Activist investor Starboard Value has targeted Bloomin’ Brands, Inc. (NASDAQ:BLMN) with plans to improve operations to generate more shareholder value. The activist investor, which owns about 10% of market value, believes the company is undervalued relative to its peers due to poor execution. Bloomin’ Brands, Inc. (NASDAQ:BLMN) is down by about 25% for the year, affirming the underperformance. Insider Monkey database indicates 29 out of 920 hedge funds tracked held stakes in the company as of the end of Q1 2024.

Page 3 of 31