Bloomin' Brands to be Acquired by Apollo Funds for $11/Share

TL;DR

Apollo buying Bloomin' Brands for $11 cash per share, deal valued at $3B.

AI Summary

Bloomin' Brands, Inc. announced on May 2, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of Apollo Funds for $11.00 per share in cash. This transaction is valued at approximately $3.0 billion, including the assumption of debt. The acquisition is expected to close in the second half of 2024, subject to customary closing conditions.

Why It Matters

This acquisition by Apollo Funds at a significant premium to recent trading prices suggests a potential undervaluation of Bloomin' Brands and could lead to substantial returns for shareholders.

Risk Assessment

Risk Level: medium — The deal is subject to customary closing conditions and regulatory approvals, which could delay or prevent its completion.

Key Numbers

• $11.00 — Acquisition Price Per Share (Cash price offered by Apollo Funds for each share of Bloomin' Brands.)
• $3.0 billion — Transaction Value (Total value of the acquisition, including debt assumption.)

Key Players & Entities

• Bloomin' Brands, Inc. (company) — Company being acquired
• Apollo Funds (company) — Acquiring entity
• $11.00 (dollar_amount) — Per share acquisition price
• $3.0 billion (dollar_amount) — Total transaction value
• May 2, 2024 (date) — Date of definitive agreement
• second half of 2024 (date) — Expected closing period

FAQ

Filing Documents

• blmn-20240502.htm (8-K) — 33KB
• ex991-earningsq124pressrel.htm (EX-99.1) — 494KB
• ex992-pressrelease.htm (EX-99.2) — 8KB
• blmn-20240502_g1.jpg (GRAPHIC) — 37KB
• blmnlogov3a.jpg (GRAPHIC) — 37KB
• blmnlogov3b28.jpg (GRAPHIC) — 37KB
• 0001546417-24-000109.txt ( ) — 906KB
• blmn-20240502.xsd (EX-101.SCH) — 2KB
• blmn-20240502_lab.xml (EX-101.LAB) — 25KB
• blmn-20240502_pre.xml (EX-101.PRE) — 15KB
• blmn-20240502_htm.xml (XML) — 3KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition On May 7, 2024, Bloomin' Brands, Inc. (the "Company") issued a press release reporting its financial results for the thirteen weeks ended March 31, 2024. A copy of the release is attached as Exhibit 99.1. The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On May 2, 2024, David J. Deno informed the Board of Directors (the "Board") of Bloomin' Brands, Inc. of his intention to retire from his role as Chief Executive Officer and as a member of the Board. Mr. Deno will remain with the Company until a successor Chief Executive Officer is found and to assist the successor with the transition into the role. The Board is leading a search for Mr. Deno's successor. Mr. Deno's decision to retire from the Board and as CEO is not the result of any disagreement with the Company or its independent registered public accountants on any matter relating to the Company's financials, operations, policies, or practices.

01 Other Events

Item 8.01 Other Events A press release discussing Mr. Deno's retirement was issued on May 7, 2024. A copy of this release is filed as Exhibit 99.2 to this Current Report on Form 8-K.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit Number Description 99.1 Earnings Press Release of Bloomin' Brands, Inc. dated May 7, 2024 99.2 Press Release of Bloomin' Brands, Inc. dated May 7, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BLOOMIN' BRANDS, INC. (Registrant) Date: May 7, 2024 By: /s/ W. Michael Healy W. Michael Healy Executive Vice President and Chief Financial Officer (Principal Financial Officer)