Come to think of it, just "thank you" (or "thanks a lot") pretty much covers it. Danke schön is only one of numerous ways of saying "thank you" in German. Danke on its own can mean "thank you" as well, but can also mean "no, thanks" in response to an offer. It is effectively required by German custom to respond to this with "bitte schön" (or just "bitte" if you are responding to "danke" on its own): otherwise you may be viewed as refusing the thanks of the person in question.
Incidentally, the second word is pronounced more like "schone" or "scheun" than "shane". Follow the first link in this post for a pronunciation.
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