Bain cashing out of Outback chain

TAMPA — The largest institutional holder of Bloomin' Brands shares is selling, with an eye on making $464 million in the process.

Bain Capital Partners LLC is parting ways with more than 18 million shares it owns from the Outback Steakhouse parent, representing its entire 15% stake in the company.

The shares, according to a filing with the U.S. Securities and Exchange Commission, will be sold to J.P. Morgan, who will in turn offer $70 million worth of that stake — approximately 2.8 million shares — back to Bloomin' Brands. It's part of an overall $100 million stock repurchase plan the Tampa restaurant chain already has approved, giving the company another $30 million leeway to purchase more of Bain stock, if necessary.