Apollo Funds will acquire all outstanding shares of Shutterfly for $51 per share in cash, which represents a premium of roughly 1.5% to Shutterfly's closing price on Monday. Shutterfly ended the trading day up 2.7%, and was briefly halted in extended trading.
In a separate announcement on Monday, Shutterfly named Ryan O'Hara president and CEO, effective June 24.
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How SurveyMonkey recovered from the death of its CEO and became a $2.1 billion public companySurveyMonkey went public three years after its CEO, Dave Goldberg, suddenly died. The company is now run by Zander Lurie.
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