Barington Capital Group, which represents a group of Bloomin' Brands Inc. investors, said Wednesday that it would like to see Outback Steakhouse operate independently. In a letter sent to the restaurant company's chief executive, Barington recommends that Bloomin' spin off the company's smaller brands - Carrabba's, Bonefish Grill, and Fleming's - into a new company. These moves will improve the company's strategic focus, operational execution, guest experience and loyalty, Barington said in a statement. The activist investors also think the move will lower "excessive" expenses, including advertising. "Barington is convinced that the company's intrinsic value per share is well above its current market price and believes that if Bloomin' effectively executes its recommendations, the value of the company's stock could increase to approximately $41 per share," the release said.