Hours after Yahoo! announced that it would reject Microsoft’s bid, the latter has responded to confirm that it will move forward with its plans to acquire Yahoo!. It is unfortunate that Yahoo! has not embraced our full and fair proposal to combine our companies. Based on conversations with stakeholders of both companies, we are confident that moving forward promptly to consummate a transaction is in the best interests of all parties.
Microsoft has not outlined what steps it will take next but it could increase its bid or appeal directly to Yahoo! shareholders.