Microsoft Rejects Yahoo Bid Rejection

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Microsoft responded to Yahoois take over bid rejection with a rejection of its own on Monday. The Redmond-based company said in a statement that it feels "moving forward promptly to consummate a transaction" will best serve both companies.

Microsoft executives did not say what the companyis next step would be. At this point it could counter with an offer that comes in above the original US$31 a share, or $44.6 billion, offer, or it could try to sway shareholders and move for a hostile takeover.

"The Yahoo response does not change our belief in the strategic and financial merits of our proposal. As we have said previously, Microsoft reserves the right to pursue all necessary steps to ensure that Yahoois shareholders are provided with the opportunity to realize the value inherent in our proposal," Microsoft said.

Microsoft presented the Yahoo with an unsolicited buy out offer on February 1 after the Internet search company reported a 23 percent drop in earnings. Yahoo responded on Monday by stating if felt Microsoft was "substantially undervaluing" the company.

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