'Stalking horse' bid was only offer
As reported in March, photo gallery and printing service Shutterfly has now successfully acquired Kodak Gallery from Eastman Kodak as the latter sells off assets as part of its restructuring. Shutterfly made an early "stalking horse" bid of $23.8 million on the service, which has some 75 million users, but no other offers emerged. Kodak Gallery itself was created by Kodak's purchase of Ofoto, for which it paid less than $100 million back in 2001. Members of Kodak Gallery will be transferred to Shutterfly accounts.