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Silver Lake shelves bid for Shutterfly, Snapfish -Bloomberg

(Reuters) – Private equity firm Silver Lake failed to reach a deal to acquire and combine photo-sharing sites Shutterfly Inc and Snapfish by a deadline on Friday, Bloomberg reported, citing people familiar with the matter.

Silver Lake was in advanced talks to acquire Shutterfly for at least $2 billion, Reuters reported last month.

Bloomberg reported that Silver Lake is still open to returning to talks with Shutterfly.

Silver Lake has also decided against buying Hewlett-Packard Co’s Snapfish after performing due diligence, according to the report.

A Hewlett-Packard spokeswoman declined to comment on the report.