Bloomin’ Brands in its Cooperation Agreement with Starboard Value

On January 2, 2024, Bloomin’ Brands, Inc. (Nasdaq: BLMN) announced the appointment of Dave George, former Chief Operating Officer of Darden Restaurants, and Jon Sagal, Partner at Starboard Value LP, to the Company’s Board of Directors, effective immediately.  These appointments have been made in connection with a cooperation agreement entered into between the Company and Starboard, which owns approximately 9.7% of the Company’s outstanding common stock.  Under the cooperation agreement, Starboard has agreed to customary standstill, voting and other provisions.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Bloomin’ Brands.