Shutterfly Bid Chosen for Kodak Gallery Assets
Eastman Kodak Company (NYSE: EK) and Shutterfly, Inc. (NASDAQ: SFLY), a leading Internet-based social expression and personal publishing service, today announced that there were no competing bidders to Shutterfly's $23.8 million stalking horse bid to purchase certain assets of Kodak's Kodak Gallery online photo services business. Following final approval by the bankruptcy court, the parties will contemplate promptly closing the acquisition. Following the closing, Shutterfly will work with Kodak to transfer Kodak Gallery's U.S. and Canadian customers and images onto the Shutterfly platform.
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