Bloomin’ Brands Inc. (NASDAQ: BLMN) has filed with the U.S. Securities and Exchange Commission (SEC) for a secondary offering. For the offering, Bain Capital plans to sell more than 18.3 million shares to Goldman Sachs, and potentially these shares may never hit the market in listed transactions.
Bloomin’ Brands is one of the largest casual dining restaurant companies in the world. The four major brand-name restaurants that the company owns are Outback Steakhouse, Carraba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse and Wine Bar.
At the end of June, Bain Capital owned 36.6 million shares of Bloomin’ Brands, which was roughly a 29% stake in the company. Bain is liquidating roughly half of this in its sale of these shares to Goldman Sachs.
The company’s shares rose over 11% when it announced its third-quarter earnings, which was due in part to an increase in guidance and overall beat on the earnings. The rise in revenues in this report was due to the consolidation of restaurant sales. Other revenues came from opening new restaurants and an increase in domestic comparable restaurant sales.
Shares of Bloomin’ Brands were trading down over 2.5% at $20.76 in Tuesday morning. More than 3.2 million shares had traded in the first hour of trading. The consensus price target is $23.73, and the 52-week trading range is $15.01 to $27.27.
ALSO READ: El Pollo Loco Secondary Offering Weighs on Shares
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.