Outback Steakhouse parent considers a sale
Bloomin' Brands, the Tampa-based parent company of Outback Steakhouse and other brands, is exploring and evaluating strategic alternatives, including a possible sale of the company. Bloomin' (Nasdaq: BLMN) "has made significant progress towards its long term objectives to elevate the customer experience, capitalize on the emerging off-premises segment, expand the rapidly growing international business, and improve operating margins," David Deno, CEO, said in a news release. While Bloomin' has gained market share and improved its profits, the current stock price does not reflect the value of the company, Deno said. "That is why the time is right to explore strategic alternatives that have the potential to maximize value for our shareholders," Deno said. Bloomin' has hired BofA Securities Inc. as its financial advisor. The company has not set a definitive timetable for completion of the process and said there's no assurance that the review would result in a transaction or other strategic alternative of any kind. In addition to Outback, Bloomin's other brands are Bonefish Grill, Carrabba’s Italian Grill, and Fleming's Prime Steakhouse & Wine Bar.