Shutterfly negotiation

SAN FRANCISCO: 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 on 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. Ancora's letter identified the suitor as Thomas H Lee Partners, a private equity firm in Boston.