Fitbit's proxy statement detailing the background related to the Google acquisition is something. There was a lot of feet dragging in the beginning, concluding with a bidding war at the end between Google and Facebook (according to CNBC). I'm surprised by Facebook's interest.

Some of the juicier details:

- Fitbit started to think about selling in April 2019.
- Zuckerberg met w/ Fitbit's James Park to talk wearables.
- Things heated up in August. Five companies, including Google, were interested in an acquisition. Three backed out leaving GOOG & FB.

- Someone leaked news of Fitbit looking to sell after Google was not ready to submit an offer and Facebook seemed to be dragging feet.
- After the leak, eight other companies reached out to discuss a potential acquisition. All of them said never mind.

- Google's initial offer was for $4.59 per share. Fitbit said no way and then went to "Party A" (Facebook) to tell them to hurry up and submit a bid. Facebook continued to drag feet.
- Fitbit went to Google and said make it $6. Google responded with $5.05. (LOL)

- Zuckerberg's initial offer was $5.90.
- Google upped its bid to $6.50.
- Fitbit asked for best & final offers and $250M termination fee.
- Google responded with $7.05 & agreement to pay fee.
- Zuckerberg responded with $7.30 & no mention of fee.
- Google won at $7.35 & fee.

In summary: No one was eager to acquire Fitbit. Instead, GOOG & FB spent months thinking about how they could use Fitbit to advance their own interests. Both had to be pushed to bid. Fitbit's human capital probably was the most valuable piece.

This chart shows why Fitbit decided to sell itself. Apple turned health and fitness tracking from a business into a feature. https://www.aboveavalon.com/notes/2019/11/4/apple-watch-forced-fitbit-to-sell-itself