The activist hedge fund Jana Partners took an 8.7 percent stake in Bloomin' Brands, operator of Outback Steakhouse and other restaurants, calling it "undervalued."
The fund said in a securities filing on Monday that it acquired the stake as of Nov. 10, making it Bloomin' Brands' second-largest outside shareholder.
Shares jumped 11 percent on Monday after the position was disclosed.
It is Jana's latest foray into food and restaurants. Last week, the fund disclosed a 4.5 percent stake in quick-service chain Jack in the Box. And earlier this year, Jana took a stake in Whole Foods Market, pushing it to explore options.
The Whole Foods stake was a big winner after Amazon.com swooped in to buy the organic grocery chain.
In the filing on Monday, Jana said Bloomin Brands shares were "undervalued and represent an attractive investment opportunity."
"JANA expects to have discussions with the Issuer's management and board of directors, shareholders and other interested parties relating to such matters," the filing said.