Activist Group Led by Luxor Capital Ups Stake in BJ’s Restaurants (BJRI) to 16%

The activist group formed by Christian Leone’s Luxor Capital Group, Patrick Walsch’s PW Partners Atlas Fund and Horizon Capital, led by Jeffrey C. Neal, has raised its aggregate stake to 4.5 million shares, which is equal to 16.0% of BJ’s Restaurants, Inc (NASDAQ:BJRI) common stock. Luxor Capital’s stake remains unchanged at 3.2 million shares, almost 11.3% of the company’s common stock.

Christian Leone

Luxor Capital Group signed an agreement with Patrick Walsch’s PW Partners Atlas Fund and Horizon Capital, led by Jeffrey C. Neal, to seek representation on BJ’s Restaurants, Inc (NASDAQ:BJRI). Earlier the activist group held 4.2 million shares, constituting 14.8% of BJ’s Restaurants, Inc (NASDAQ:BJRI) common stock.

BJ’s Restaurants reported that Luxor Capital partners, LP, in partnership with PW Partners Atlas Fund, intends to nominate five repreentatives to its Board to stand for election at the 2014 Annual Meeting of Shareholders of the company.

BJ’s Restaurants, Inc (NASDAQ:BJRI) owns and operates 147 restaurants spanned across 17 states in the U.S, under the names: BJ’s Restaurant & Brewery BJ’s Restaurant & Brewhouse, BJ’s Pizza & Grill, or BJ’s Grill.

There are other hedge fund managers who’ve been bullish on BJ’s Restaurants, Inc (NASDAQ:BJRI). Citadel Investment Group, managed by Ken Griffin owns approximately 1.20 million shares of the company as at the end of 2013. Steven Cohen’s SAC Capital Advisors position amasses around 511,900 shares of the company; Millennium Management, led by billionaire Israel Englander owns approximately 448,500 shares of the company.

Earlier this month, Luxor Capital sold over 2.0 million shares of William Lyon Homes (NYSE:WLH), reducing its ownership to 6.3 million shares. In March, the fund acquired 383,500 shares, bringing the stake up to 5.1 million shares in Hemisphere Media Group, Inc (NASDAQ:HMTV). Moreover, recently, Luxor Capital has raised stake in Lamar Advertising Co (NASDAQ:LAMR) to 4.1 million shares.

Luxor Capital Group is a New York based hedge fund that was founded by Christian Leone in 2002. The fund has a relatively balanced structure with investments in both equity and fixed-income securities, spanned across primarily the services, technology, and financial sectors. ING US Inc. (NYSE:VOYA), The Madison Square Garden Co (NASDAQ:MSG), and Cole Real Estate (NYSE:COLEare among the largest holdings in the fund’s latest 13F.

Disclosure: none

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