Yahoo’s response crossed the wires just now, more than an hour after Microsoft (NSDQ: MSFT) broke the news that it was offering $44.6 billion in cash and stock for the Sunnyvale company: “Yahoo! Inc. (NSDQ: YHOO), a leading global Internet company, today said that it has received an unsolicited proposal from Microsoft to acquire the Company. The Company said that its Board of Directors will evaluate this proposal carefully and promptly in the context of Yahoo!’s strategic plans and pursue the best course of action to maximize long-term value for shareholders.”

Update: Yahoo has gone into crisis PR mode. The company now has a FAQ started. Two examples:

-- .How long will the Board’s review process take? A review process like this is fluid, and it can take quite a bit of time.

-- Will the Board seek proposals from any other companies? The Board is going to evaluate all of Yahoo!’s strategic alternatives and pursue the option that it believes can best maximize value for our shareholders.