Yahoo! just told Microsoft to take a hike.

Yahoo's decision to reject Microsoft's $44.6 billion takeover attempt has led to speculation as to what's next for the staggering online media giant.

 A statement released by Yahoo!'s board of directors stated that the bid "substantially undervalues Yahoo including our global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as our substantial unconsolidated investments."

Translation-- $44.6 billion is not enough for Yahoo! to be led down the aisle somewhat willingly.

This has led to several possible scenarios. One has Microsoft continuing to press Yahoo! by taking the proposal directly to its shareholders. No doubt, more than a few shareholders would love to cash out and move on.

In another scenario, Microsoft might sweeten the offer to make it palatable to the Yahoo! board, which has made known its belief that the bid undervalues the company.

Yet another scenario has Yahoo! taking defensive measures and either partnering with Google on search advertising (which will draw heavy scrutiny from regulators) or by again discussing a possible merger with the AOL unit of Time Warner.

Microsoft desperately wants to close the gap between it and Google, far and away the leader in search engines. But even though the marriage of Yahoo! and Microsoft would combine the No. 2 and 3 players,  "Micro-hoo" (as it's unofficially been dubbed) would still substantially trail Google.

Regardless, the game is on. Don't expect Microsoft to go away quietly.  

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