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Jana Partners Not Sure That Putting Steak And Cheese Fries On Top Of A Bloomin’ Onion Will Solve Outback’s Valuation Problem

That or Barry Rosenstein’s still pretty hungry.
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Seriously, why don't we put these in between a whole fried onion and some steak tips? By (P1096389) [CC BY 2.0], via Wikimedia Commons

Seriously, why don't we put these in between a whole fried onion and some steak tips? By (P1096389) [CC BY 2.0], via Wikimedia Commons

Activist hedge fund shop Jana Partners has been insatiable of late. Back in April, Barry Rosenstein & co. gorged on Whole Foods shares, turning a tidy $300 million profit in process. But the voracious appetite for food-related stocks that kindled has led the firm to some questionable investing (and ingesting) choices, buying into the battered Blue Apron and then Jack in the Box, which is admittedly a better bet than Chipotle, what with its horsemeat-and-E. coli scandals literally decades in the past, and its ability to run a Mexican restaurant chain while sending barely anyone to the hospital.

But Barry Rosenstein is not done! He has now poured half his Whole Foods winnings—also known in Jana circles as a house-worth’s—into the “undervalued” shares of Bloomin’ Brands, proprietors of the Outback Steakhouse and several other avatars of the casual dining industry that millennials are allegedly in the process of murdering in cold blood. And it seems that Barry and his team isn’t convinced the limited-time Big Australia menu—featuring the aforementioned Bloomin’ Onion-Aussie Cheese Fries-sirloin tips mash-up and some filets mignon topped with crabby béarnaise sauce—is going to lure them back in.

In the filing on Monday, Jana said Bloomin Brands shares were "undervalued and represent an attractive investment opportunity."

"JANA expects to have discussions with the Issuer's management and board of directors, shareholders and other interested parties relating to such matters," the filing said.

Perhaps Jeff Bezos, for one.

Shares of Outback Steakhouse owner surge 11% after activist Jana discloses stake [CNBC]


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