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Shutterfly to be bought by Apollo Global in a $2.7 billion deal

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Christian Fernsby |
Shutterfly
Acquisition   The per share cash consideration represents a premium of 31%

Shutterfly announced that it has entered into a definitive agreement with affiliates of certain funds managed by affiliates of Apollo Global Management pursuant to which the Apollo Funds will acquire all the outstanding shares of Shutterfly for $51.00 per share in cash, or enterprise value of approximately $2.7 billion.

The $51.00 per share cash consideration represents a premium of 31% when compared to Shutterfly’s unaffected closing stock price of $38.91 on April 23, 2019, the last trading day before a media report was published speculating that Apollo Funds were considering a bid for the Company.

The Shutterfly Board of Directors unanimously approved the agreement with the Apollo Funds and recommends that Shutterfly stockholders vote in favor of the transaction.


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