|I would say yes. These are the parts that cover this IMO:
(C) If you distribute any portion of the software, you must retain all copyright, patent, trademark, and attribution notices that are present in the software.
(D) If you distribute any portion of the software in source code form, you may do so only under this license by including a complete copy of this license with your distribution. If you distribute any portion of the software in compiled or object code form, you may only do so under a license that complies with this license.
So, in your licence, you must state that at least some parts are subject to Microsoft Public License (MS-PL), even if you don't want that licence yourself. If it's commercial, get the company lawyers to check it!