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Friday, October 10, 2014

Silver Lake shelves bid for Shutterfly, Snapfish -Bloomberg, (NASDAQ: SFLY)

Private equity firm Silver Lake failed to reach a deal to acquire and combine photo-sharing sites Shutterfly Inc and Snapfish by a deadline on Friday, Bloomberg reported, citing people familiar with the matter.Silver Lake was in advanced talks to acquire Shutterfly for at least $2 billion, Reuters reported last month.Bloomberg reported that Silver Lake is still open to returning to talks with Shutterfly.Silver Lake has also decided against buying Hewlett-Packard Co's Snapfish after performing due diligence, according to the report.

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 fell by 2.51% or $-1.21/share to $46.96. In the past year, the shares have traded as low as $36.30 and as high as $58.22. On average, 765869 shares of SFLY exchange hands on a given day and today's volume is recorded at 1380121.