Activist investor pushes Shutterfly to pursue a sale
SAN FRANCISCO (AP) — Activist investor Ancora Advisors is stepping up the pressure on photo sharing service Shutterfly to negotiate a sale of the company or reshuffle its board of directors if a deal can't be quickly worked out.
Ancora outlined its demands in a letter sent Monday to Shutterfly's interim CEO, Philip Marineau.
The Cleveland investment fund wants Shutterfly Inc. to reach out to potential bidders following the company's disclosure last month that it had received an unsolicited offer from an unnamed private equity firm.
If no deal emerges before Shutterfly's next annual meeting in June, Ancora wants the company to replace two directors, venture capitalists Eric Keller and Nancy Schoendorf, on its eight-member board.