According to Reuters, private-equity firm Apollo Global Management LLC is in the lead to acquire Shutterfly Inc after making the highest offer, people familiar with the matter said on Monday. According to the article:
“Apollo’s exact offer could not be learned, but the deal would value Shutterfly at close to $2 billion, excluding its debt pile of more than $900 million, the sources said.”
As the Dead Pixels Society has previously reported, the Shutterfly board has put together a strategic committee to evaluate acquisition offers. This may be an ideal time to take the company private, we surmised.
This is a developing story and will be updated as it progresses.