US-based restaurant owner Bloomin’ Brands is set to explore strategic alternatives, which could include putting itself up for sale.

The company owns casual dining restaurant chain US Outback Steakhouse and has hired BofA Securities as its financial adviser for the deal.

Bloomin’ Brands has not set any timeline for completion of this process and plans to proceed in a timely manner.

Bloomin’ Brands CEO David Deno said: “Over the past few years, Bloomin’ Brands has made significant progress towards its long-term objectives to elevate the customer experience, capitalise on the emerging off-premises segment, expand the rapidly growing international business, and improve operating margins.

“These efforts have created significant market share gains and enhanced profitability. However, despite this continued progress, we believe the current stock price does not reflect the value of the company.

“That is why the time is right to explore strategic alternatives that have the potential to maximise value for our shareholders.”

The latest move comes after New York hedge fund Jana Partners disclosed plans to encourage changes at Bloomin’ after acquiring a 9% stake in the company in August.

At that time, Jana Partners revealed its intention to discuss with the company management and its board with regard to a sale, divestitures, capital allocation, operations and board composition.

During the third quarter of this year, comparable restaurant sales increased 0.2% at US Outback Steakhouse and 11.2% at Outback Steakhouse in Brazil.

In this quarter, a total of eight new restaurants, including five international franchise locations, were opened.

Deno added that earnings per share during the quarter increased 25% on a comparable adjusted basis as the company focuses on building healthy traffic and improving profitability.