Shutterfly Inc. Rumor: $50-Plus Per Share Deal Is Near

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Shutterfly Inc.
SFLY
rose sharply on a report that it could be acquired for more than $50 a share by private equity Silver Lake. Shutterfly traded recently at $49.75 a share, up 4.7 percent. Reuters said Monday that the technology investment firm Silver Lake had outbid other private equity concerns and is now negotiating terms of an acquisition. The report cited unnamed sources and was not confirmed by Shutterfly. Shutterfly, a Redwood City, Calif., online photo storage and personalized photo book company, has been shopping itself to buyers since at least July. Shutterfly shares are up 16 percent in the past three months. Silver Lake and Bain Capital LLC last month had reached the second round in an auction for Shutterfly, according to a Reuters report in August. Hellman & Friedman LLC had also been reportedly interested in a deal. Shutterfly, which expects to post a decline in 2014 earnings, is confronted by potential competition from the likes of Google Inc.
GOOGL
, Facebook Inc,
FB
and even Apple Inc.
AAPL
.
Posted In: NewsRumorsM&A
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