Shutterfly shareholder supports sale of company at 'fair' price
(Reuters) - 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 buy 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)
