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Shutterfly stock spikes on report of acquisition interest

Jeremy C. Owens

Shutterfly Inc. shares shot more than 10% higher in afternoon trading Wednesday after a report that private equity firms are interested in bidding for the embattled internet company. According to Bloomberg News, Apollo Global and Cerberus are interested in bidding for Shutterfly, which said in early February that it would consider acquisition offers after suffering in a cutthroat competition for holiday greeting cards. Shutterfly stock has declined more than 48% in the past year, as the S&P 500 index has gained 11.4%.