Hellman & Friedman Made Offer To Acquire Shutterfly

Hellman & Friedman submitted a bid to acquire Shutterfly (NASDAQ: SFLY) earlier this week, Bloomberg reported Wednesday.

In addition to Hellman & Friedman, other private equity firms including Bain Capital have also shown interest in acquiring Shutterfly.

Shutterfly has been working with financial analysts since early July to seek potential buyers. Offers for the company were due this week, and a deal could be finalized in early September, according to Bloomberg.

A source told Bloomberg that any potential deal could value Shutterfly at around $2 billion.

Shares of Shutterfly spiked higher on heavy volume to $54.78 following the Bloomberg report but retracted to $51.07, up 2.47 percent on the day.