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Shutterfly to Be Acquired for $1.74 Billion by Apollo Global Management

Joseph Woelfel

Shutterfly will be bought for $51 a share in cash, a premium of about 1.5% to Shutterfly's closing price on Monday of $50.25. The stock was down 2.2% to $50.04 in premarket trading Tuesday. "Earlier this year, Shutterfly announced the formation of a strategic review committee to continue the board of directors' ongoing review of strategic alternatives for the company," said William Lansing, Shutterfly's chairman.