Yahoo may have said no to being acquired by Microsoft, but Microsoft isn’t having it. The company has put out a statement saying the rejection was "unfortunate" and pledging to "pursue all necessary steps" to get what it called its "full and fair" proposal to be accepted.

The wording suggests that Microsoft will not up its offer as some have expected. It also suggests in talking about "stakeholders" and "shareholders" that the company will undertake a sustained effort to have shareholders put pressure on Yahoo’s board.

Below, the full statement (not yet on Microsoft’s site itself but instead via PRNewswire, ironically at 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.

We are offering shareholders superior value and the opportunity to participate in the upside of the combined company. The combination also offers an increasingly exciting set of solutions for consumers, publishers and advertisers while becoming better positioned to compete in the online services market.

A Microsoft-Yahoo! combination will create a more effective company that would provide greater value and service to our customers. Furthermore, the combination will create a more competitive marketplace by establishing a compelling number two competitor for Internet search and online advertising.

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 Yahoo!’s shareholders are provided with the opportunity to realize the value inherent in our proposal.

For related stories from us, see:

• Microhoo: Divining The Probabilities
• Official: Yahoo Says No To Microsoft

And from across the web:

• Group offers to sell Yahoo shares to Microsoft, International Herald Tribune
• Microsoft-Yahoo: The Lawyer’s Edition!, Wall Street Journal
• Mehdi’s Argument: You Need Micro-Hoo, Ad Age
• Yahoo Rejects Microsoft Bid, Leaves Room for Further Talks, Wall Street Journal
• Sorry, But $31 Does Not "Massively Undervalue" Yahoo, Silicon Alley Insider
• Yahoo’s "AOL Talks"–More Smart Smoke From Yahoo’s Advisors, Silicon Alley Insider
• Congress delays first hearing on Microsoft’s Yahoo bid, San Jose Mercury News

Also see Techmeme for related discussion on Microsoft’s rejection of Yahoo’s rejection and our Microhoo category for even more background.

Related Topics: Microsoft & Yahoo Search Deal | Microsoft: Business Issues | Yahoo: Business Issues

About The Author: Danny Sullivan is editor-in-chief of Search Engine Land. He’s a widely cited authority on search engines and search marketing issues who has covered the space since 1996. Danny also oversees Search Engine Land’s SMX: Search Marketing Expo conference series. He maintains a personal blog called Daggle (and maintains his disclosures page there). He can be found on Facebook, Google + and microblogs on Twitter as @dannysullivan. See more articles by Danny Sullivan