"Jordan is said to have been rushed to hospital suffering what has been described by medical experts as an 'acute reaction to the news that he is not taken seriously and treated with the utmost respect by every single human being in New Zealand'," it read.
He went on to say Hurley and Mulligan "spoke to the media in a packed press conference inside a Wellington laser tag facility, and once again reiterated their remorse" at Sir Neville's death.
"We apologise again for any offence caused to Sir Neville Jordan. He was an amazing man that everyone at Victoria University respected and loved deeply.
"No one had a bad word to say about him. We cannot apologise enough for making light of him and his incredibly important position here at Victoria University."
Mr Walsh ended his satirical piece by stating Sir Neville was survived by his 4-year-old labrador Geoff.
Hurley, 21, and Mulligan, 24, told the Herald they were "really caught off-guard" and "felt really pressured" by the university chancellor's request for a public apology and for the material to be taken down online.
"We felt really bullied," Ms Mulligan said.
Sir Neville made it clear to the two editors a public apology was required on the same page where his satirical piece was published.
"He identified certain things he wanted as non-negotiable which is quite terrifying as it begs you to question what happens if we don't," Ms Mulligan said.
The pair said they would continue with the tongue-in-cheek Q & A page.
Sir Neville earlier said: "The matter has been dealt with satisfactorily. It is now historical and I have nothing further to add."