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Friday, September 26, 2014

Shutterfly shareholder supports sale of company at "fair" price, (NASDAQ: SFLY)

Shutterfly Inc shareholders Marathon Partners Equity Management LLC and Mario Cibelli said on Friday that they would support the potential sale of the online photo-sharing service provider. Cibelli is the managing member of Marathon Partners and has a 5.29 percent stake in Shutterfly. Marathon Partners has a 5.27 percent stake in the company.In a letter to the Shutterfly board, Cibelli said he would be willing to support the sale, but "only at a price that fairly compensates the shareholders for the upside they would forgo."Private equity firm Silver Lake is in advanced talks to purchase Shutterfly for at least $2 billion, Reuters reported on Monday.The company's shares closed at $49.77 on the Nasdaq on Thursday. (Reporting By Subrat Patnaik in Bangalore; Editing by Simon Jennings)

Shutterfly, Inc. is an Internet-based social expression and personal publishing service that enables consumers to share, print and preserve their memories its technology, manufacturing, Web-design and merchandising capabilities. Shares of SFLY remained unchanged at $49.77. In the past year, the shares have traded as low as $36.30 and as high as $58.22. On average, 896489 shares of SFLY exchange hands on a given day and today's volume is recorded at 0.