Wed, Jul. 29, 4:24 PM
Fri, Jun. 12, 5:28 PM
- Following a proxy battle, activist Shutterfly (NASDAQ:SFLY) investor Marathon Partners has seen 2 of the 3 directors it nominated - Marathon managing partner Mario Cibelli and VC Thomas D. Hughes - elected to the board. A third nominee, Sarepta Advisors founder Marwan Fawaz, wasn't elected.
- Also: Shutterfly shareholders voted against (on an advisory basis) the company's exec compensation plan. Shutterfly withdrew a proposal to amend its 2006 equity incentive plan, and says it "intends to explore alternative compensation arrangements."
- Marathon owned a 5.4% Shutterfly stake as of May. The firm has been quite critical of the online photo printing provider's compensation policies and M&A history, and has called for larger buybacks.
Wed, Apr. 29, 4:53 PM
Tue, Apr. 21, 10:06 AM
- Looking to streamline ahead of its PC/printing spinoff, HP (HPQ -0.7%) is selling its Snapfish online photo-printing/storage unit to digital photo fulfillment services firm District Photo for an undisclosed sum. The deal is expected to close in the second half of FY15 (ends in October); Snapfish will continue using HP's printing hardware/software afterwards.
- HP bought Snapfish for over $300M in 2005. Reuters reported last September the IT giant was thinking of selling the unit; Bloomberg reported a month later P-E firms had decided to pass. Rival Shutterfly (SFLY -1.1%), also the subject of M&A rumors, is slightly lower today.
- Separately, HP has announced it's partnering with threat-prevention hardware/software/services leader FireEye (FEYE +3.5%) to deliver "a comprehensive suite of security remediation services underpinned by FireEye's advanced threat detection, intelligence, methodologies and incident response expertise."
- The joint offerings, which will be sold by HP's massive IT services arm, include a global incident response and compromise assessment services from HP and FireEye's Mandiant unit (hired by many firms to probe cyberattacks), and managed threat-protection services that "provide 24/7 security monitoring for indications that a cyber-attack has bypassed traditional technology defenses."
- News of the alliance comes a day after FireEye announced a partnership with firewall vendor/HP rival Check Point. FireEye's Q1 report arrives on April 30.
Mon, Mar. 2, 9:21 AM| Mon, Mar. 2, 9:21 AM | Comment!
Thu, Feb. 12, 4:24 PM
Wed, Feb. 11, 5:35 PM
Mon, Feb. 9, 9:02 AM
- A consumer survey by Cowen and Company indicates Shutterfly (NASDAQ:SFLY) saw a 6% Y/Y jump in customers during the holiday season.
- Last year, Shutterfly reported a 10% increase in customers during Q4 to 4.7M.
- The company's disclosure on average order value will be of equal importance when it releases earnings on February 12.
Oct. 29, 2014, 5:08 PM
Oct. 14, 2014, 9:15 AM
Oct. 13, 2014, 9:15 AM
Oct. 10, 2014, 5:36 PM
Oct. 10, 2014, 5:13 PM
- Bloomberg reports P-E firm Silver Lake has shelved its plans to acquire Shutterfly (NASDAQ:SFLY) and H-P-owned (NYSE:HPQ) Snapfish, with the goal of combining the two photo-printing/sharing sites. Sources add the firm is open to resuming talks.
- Silver Lake was previously reported to be in talks to buy Shutterfly for over $50/share. H-P was reported last month to be exploring a Snapfish sale; it bought the site in '05 for $300M+.
- Last Sunday, re/code reported H-P tried selling several major business units before deciding to spin off its PC and printing ops.
- SFLY -6.6% AH to $43.85.
Sep. 22, 2014, 12:11 PM
Sep. 12, 2014, 3:43 PM
- Hewlett-Packard (HPQ -0.6%) is exploring the sale of its web-based photo sharing service Snapfish, and has held discussions with P-E and industry buyers, Reuters reports.
- Snapfish, which H-P bought for more than $300M in 2005 and is part of the company's printing and personal systems group, is considered a non-core asset.
- Some of the groups that have been looking at Snapfish are said to have also expressed interest in buying another online photo-sharing services provider, Shutterfly (SFLY +0.5%).
Aug. 20, 2014, 10:28 AM
- Bloomberg reports P-E firm Hellman & Friedman is among the P-E firms to have submitted offers for Shutterfly (SFLY +2.6%).
- The news service adds Shutterfly may be been valued at ~$2B in a sale, and that Bain has also expressed interest. However, tech/Internet companies have shown little interest.
- Shares have moved higher in response to Bloomberg's report. Shutterfly's market cap is currently right around $2B.
- Previous: The Deal reports Shutterfly has received buyout offers
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