A Securities and Exchange Commission filing noted that several companies were interested in purchasing Fitbit. However, it fell on Google and another company listed as “Party A.”
In June, “Party A” began discussions with Fitbit. Documents reveal the CEO of the mystery company and Fitbit CEO James Park met and “discussed generally the wearables technology landscape.” Then in August, Fitbit’s senior management passed along “an overview of Fitbit’s business to members of Google’s management.”
The bidding war started on Oct. 2, with Google making an offer of $4.59 per share. Fitbit declined, seeking $6 per share.
On Oct. 11 Google upped the ante to $5.05 per share. However, the following day “Party A” made an offer for $5.90 per share. Following a back-and-forth exchange, Google finally made an offer of $7.35 per share with the condition on immediately entering an exclusivity agreement.
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