An activist investor is coming back for seconds at Outback Steakhouse.
Barington Capital — which had
when they sat down at the table — prodded its corporate parent Bloomin’ Brands to spin off lesser-known chains such as Bonefish Grill, Carrabba’s and Fleming’s.
The hedge fund, led by James Mitarotonda, first went after the Bloomin’ Onion maker and its chief executive, Elizabeth Smith, in February. On Monday, Mitarotonda reiterated the chairman and CEO roles should be separated.
Bloomin’ reached an agreement with hedge fund Jana Partners and named a new member to the board on Feb 25. Jana has since exited its position in Bloomin’.
Barington, for its part, says Bloomin’ can do more and believes the stock, which is trading at $19.93, can hit $41 a share. It rose 1.9 percent Monday.
Bloomin’ defended its progress and noted that the company has spoken with Barington seven times since March 2017.
