Starboard's intentions for Bloomin' Brands remain uncertain. In the past, activist investors like Jana Partners and Barington Capital Group have urged Bloomin' to reduce expenses and separate some of its brands.

Analysts have recently noted that the company trades at a discount relative to peers, including Darden Restaurants Inc (NYSE:DRI) and Burger King owner Restaurant Brands International (NYSE:QSR). 

Bloomin' Brands has faced activist shareholders before. Both Jana Partners and Barington Capital Group have previously approached the company, advocating for cost reductions and potential divestment of some brands.

Year-to-date, Bloomin' Brands' stock has surged almost 30% as the company rebounds from pandemic setbacks, elevating its market valuation to around $2.2 billion. However, the shares have remained relatively stagnant over the last ten years due to lagging sales growth.

Price Action: BLMN shares are up 7.34% at $27.50 on the last check Friday.