Shutterfly Offers $24M For Kodak Photo Services

Law360, New York (March 2, 2012, 7:45 PM EST) -- Eastman Kodak Co. received a $23.8 million stalking horse bid for its Kodak Gallery online photo services business from Shutterfly on Thursday, as the photography giant begins shedding assets before the hotly anticipated sale of its blockbuster patent collection.

Under the proposed deal, online personal publishing service Shutterfly would get gallery customer accounts and images in the U.S. and Canada, according to the companies.

It's the first bid in the New York bankruptcy court-supervised Section 363 auction process, which the company is using to try to...
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