Digital imaging company Shutterfly announced on Monday that it's agreed to be acquired by Apollo Global Management.
Apollo Funds will acquire all outstanding shares of Shutterfly for $51 per share in cash, which represents a premium of roughly 1.5% to Shutterfly's closing price on Monday. Shutterfly ended the trading day up 2.7%, and was briefly halted in extended trading.
In a separate announcement on Monday, Shutterfly named Ryan O'Hara president and CEO, effective June 24.
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