Microsoft will not take no for an answer on Yahoo

Microsoft said it will move forward to complete its purchase of Yahoo, despite the internet company rejecting its bid yesterday.

"It is unfortunate that Yahoo! has not embraced our full and fair proposal to combine our companies," said Microsoft in a statement.

"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 announced a bid to buy Yahoo for £16 a share representing a total equity value of approximately £23bn and a 62% premium above the closing price of Yahoo in January.

"Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo!'s shareholders are provided with the opportunity to realise the value inherent in our proposal," the statement said.