What is the reciprocal verb of "to thank"?

I know that to express gratitude or to thank are verbs that basically mean to say thank you, but what is the verb for the reciprocol action (i.e. saying you're welcome)?

Is there a word for this, and does it vary based on the response?
Like if I say thank you and you say go to H-E-double hockey sticks!. What did you do other than reply?

In short:

"Thank you" = to thank
"You're welcome" = to ???

Solution 1:

You could say that the other person is acknowledging the thanks when he says "you're welcome," and perhaps is rudely dismissing the thanks when he says "proceed to your choice of unpleasant venue and reside there indefinitely."

Solution 2:

The reciprocal form would be to receive thanks.

Solution 3:

Try unthank, as in “unthank upon the hand that tied him so” - Chaucer, the Miller’s Tale