Google announced earlier this month it was paying US$7.35 per share to acquire Fitbit. Facebook’s final offer was US$7.30. (CNBC)

Talking point: Earlier this month, The Information broke the news that Facebook had offered to pay about half of what Google did for Fitbit. Today’s news reveals there was a series of bids, which included meetings between Facebook CEO Mark Zuckerberg and Fitbit CEO James Park, that culminated in Google narrowly edging Facebook out. Both Google and Facebook are on an acquisition spree in the wearables space. Google acquired smartwatch technology from Fossil for US$40 million earlier this year, and Facebook bought smart armband firm CTRL-Labs for about US$750 million. Both companies are trying to catch up with Apple, which has 38 per cent of the North American wearables market. Second-place Fitbit has 24 per cent. In Canada, the country’s largest telecom is hoping to take advantage of the growing space without competing with any of the firms. Last week, The Logic reported Bell was developing wearable technology it hopes to integrate with devices developed by other companies.