Qualcomm thinks Broadcom’s bid is too low.

In its statement, Qualcomm said the $105 billion takeover offer was both too low and raised questions about whether regulators would approve the transaction.

Here’s more from Qualcomm’s executive chairman, Paul Jacobs:

“It is the board’s unanimous belief that Broadcom’s proposal significantly undervalues Qualcomm relative to the company’s leadership position in mobile technology and our future growth prospects.”

The expected move means that Broadcom will have to convince shareholders of its target to change management’s mind — or run a proxy fight that replaces at least some of Qualcomm’s directors. The deadline to nominate directors is next month.

From The Times’s Tiffany Hsu:

Broadcom “could also try to assuage Qualcomm’s fears of government pushback by initiating the regulatory approval process for a potential deal. The company garnered praise from President Trump this month when it said it would move its corporate address to Delaware from Singapore.”

Shares in Qualcomm ended the day up 3 percent, at $66.49. That’s still below Broadcom’s bid of $70 a share, suggesting that investors remain unsure of whether Broadcom’s takeover efforts will succeed.

Missouri’s attorney general subpoenas Google.

Attorney General Josh Hawley of Missouri said he wanted to know if Google had violated state law on matters ranging from how it obtains user data to the possibility that it has manipulated search results to harm competitors.

Here’s what Mr. Hawley had to say in his office’s announcement of an investigative subpoena examining Google’s business practices:

“There is strong reason to believe that Google has not been acting with the best interest of Missourians in mind. My office will not stand by and let private consumer information be jeopardized by industry giants, especially to pad their profits.”

A Google spokesman, Patrick Lenihan, gave this statement:

“We have not yet received the subpoena, however, we have strong privacy protections in place for our users and continue to operate in a highly competitive and dynamic environment.”

Brookfield offers $14.8 billion for the rest of GGP.

Get ready for a potential battle to control one of America’s biggest mall operators.

Brookfield Property Partners, a real estate investment firm, confirmed on Monday that it had offered to buy the 34 percent of GGP that it doesn’t already own. That would make Brookfield one of the biggest publicly traded real estate companies in the world, with nearly $100 billion worth of assets.