Marathon Partners, Mario Cibelli To Support Shutterfly Sale For "Fair" Price

(RTTNews) - Shareholders of Shutterfly Inc. (SFLY), Marathon Partners Equity Management LLC and Mario Cibelli, in an SEC filing on Friday confirmed they would support a potential sale of the online image publishing service provider.

Marathon Partners and Mario Cibelli sent a letter to Shutterfly's board stating their willingness to support the sale of the company, but only at a "price that fairly compensates the shareholders for the upside they would forgo."

Marathon Partners and Mario Cibelli indicated that an offer to buy the company should be above the $52 a share mark, as the company's first-quarter share buyback at about $52 a share were viewed as "well below fair value."

Marathon Partners Equity Management LLC holds a 5.27 percent stake in Shutterfly while Mario Cibelli holds an interest of 5.29 percent.

Last week, media reports reported that private equity firm Silver Lake was in advanced talks to buy Shutterfly for about $2 billion.

SFLY is currently trading at $49.80, up $0.03 or 0.06%, on the NYSE.