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Bloomin' Brands (NASDAQ: BLMN ) will see its ownership structure change after a $400 million-plus secondary public stock offering is completed. The company announced that "certain stockholders" in the firm are offering 19 million common shares for sale at $21.50 apiece in the underwritten issue. Additionally, the underwriters have been granted a 30-day option to purchase an additional 2.85 million shares from certain offering parties.
The joint book-running managers of the sale are Bank of America's Merrill Lynch, Morgan Stanley (NYSE: MS ) , JPMorgan Chase's (NYSE: JPM ) J.P. Morgan Securities, Goldman Sachs (NYSE: GS ) , and the Securities arm of Deutsche Bank (NYSE: DB ) . The offering is expected to close on May 29.