Summary Box: Kodak deal propels Shutterfly stock

AP News
Posted: Apr 25, 2012 5:20 PM
Summary Box: Kodak deal propels Shutterfly stock

THE NEWS: Shutterfly's stock climbed after the online photo publishing company emerged as the sole and thus the likely winning bidder for Eastman Kodak's online photo services business.

CLOSER TO CLOSE: The company says no other offers have emerged for Kodak Gallery. Pending final approval by a bankruptcy court, the business will be Shutterfly's for $23.8 million. Kodak filed for bankruptcy protection in January.

CONTEXT: The deal could help Shutterfly ramp up growth in a competitive industry. Janney analyst Shawn Milne said the deal increases Shutterfly's customer base, with the company gaining about 2 million active customers from Kodak.