Written by The Business Journal Staff
(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.
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 after the company last month disclosed that it had received an unsolicited offer from an unnamed party. Ancora’s letter identified the suitor as Thomas H. Lee Partners, a private equity firm in Boston.
Shutterfly declined to comment on Ancora’s letter. Thomas Lee Partners also declined to comment.
Ancora sent its letter a week after another Shutterfly shareholder, Eastbay Asset Management, urged the company to pursue a sale.