"For the first 62 years of the fund's modern existence the shareholders have been well served by the current system."

Phillips said its directors, who met on Friday, believed that shareholders would be best served by the company's continued independence.

Neither current nor future shareholders, or a healthy marketplace, would be served by that.

The company added, "Our shareholders would be poorly served by being exposed to Mirant's challenges."

According to the Attorney General's regulations, the co-op renters and shareholders must be served by the same managing agent.

"The best way shareholders can be served is to have an independent board of directors," he said.

As a first step, directors - and shareholders and consumers - would be well served to read "In Search of Excess."

Farmers' board has refused to consider the offer, arguing that shareholders will be better served if the company remains independent.

Citizens and Southern maintained that its prospects for profit were bright enough that its shareholders would be best served if it remained independent.

We think the shareholders are better served by us being a regional chain, which can react more quickly than a larger chain.