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Fly News Breaks for June 11, 2019
APO, SFLY
Jun 11, 2019 | 06:56 EDT
As previously reported, SunTrust analyst Youssef Squali downgraded Shutterfly (SFLY) to Hold from Buy with an unchanged price target of $57 after the company's board agreed to be acquired by Apollo Global (APO). The analyst states that the probability of a competitive bid is "low", with the board having run a "comprehensive process" that included 40 potential buyers. Squali further cites the absence of a go-shop provision in the bid as well as a "nominal" $51M break-up fee that Shutterfly would be required to pay to Apollo.