Turns out Google's $12.5bn deal to purchase Motorola was only agreed after an earlier bid for an effective $9.5bn was rebuffed.
New details are emerging over the deal that was agreed last month, and reveal that despite nobody else being involved in the bidding, Google upped its own initial bid by a third to get the deal done.
Google's first official bid for Motorola was made on August 1, and involved an offer of $30 per share, details of an SEC filing revealed by Motorola in the US yesterday have revealed.
But Moto's advisors apparently came back saying they were looking for $43.50 a share, at which point Google decided to meet them halfway with a bid for $37 a share, which was made on August 9. However, Google then filed another bid at $40 a share later the same day, despite the fact that Motorola wasn't accepting bids from any other firms for fear that a public auction would jeopardise the sale.
One way or another, it did the trick, but the extra $10 a share added just over $3bn to the final asking price, bringing it to nearly $12.5bn.
There's no word as to just what the second bid was all about – Google effectively outbid itself by the best part of a billion dollars to finalise a sale nobody else was in the running for. Then again, when you're the size of Google, what's a billion dollars between friends?