Outback Steakhouse parent Bloomin’ Brands’ stock up 5% after Starboard Value confirms 9.9% stake

Bloomin’s Brands Inc.’s stock
BLMN,
-3.47%
was up 5% premarket Friday, after activist investor Starboard Value LP confirmed it has built a 9.9% stake in the parent of Outback Steakhouse. The news was reported earlier by the Wall Street Journal. Starboard is known for campaigns including one waged against Darden Restaurants Inc.
DRI,
-0.89%
a decade ago. Darden is parent of Olive Garden. Bloomin’s portfolio includes Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. The stock has gained 27% in the year to date, while the S&P 500
SPX,
-0.77%
has gained 13.8%.