Facebook’s bid for Fitbit ended up losing out to Google

Facebook is the mysterious “Party A” that has repeatedly bid for wearable device maker Fitbit, as mentioned in the Securities and Exchange Commission documents, and it has made a final bid for Fitbit with Google for $7.30 a share, according to people familiar with the matter. Google announced on November 1st that it would buy Fitbit for about $2.1bn in cash, or $7.35 a share.

Facebook believes the sale process is complete and has no plans to bid again because It has agreed to a takeover, a person familiar with the matter said.

Facebook's bid for Fitbit ended up losing out to Google

A Facebook spokesman declined to comment. A Fitbit spokesman declined to comment on matters other than the SEC filing.

According to SEC filings, James Park, Fitbit’s chief executive, had dinner with “Party A’s CHIEF executive” on June 11, 2019, to discuss the future of wearable technology. The person was Mark Zuckerberg, Facebook’s chief executive, the source said. In addition, Parker and other Fitbit executives had dinner with Zuckerberg again on July 2nd, and Zuckerberg and Parker met again in September.

Facebook made several bids for Fitbit in October, but the $7.30 per share price was the company’s highest and final offer, the documents said.

Facebook's bid for Fitbit ended up losing out to Google

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