Just more than half, or 54%, of the $118.7 billion California State Teachers' Retirement System's shares were tendered, according to Kirsten Macintyre, spokeswoman for the Sacramento-based fund. The managers tendering were Barclays Global Investors and Mellon Capital Management Corp., both of San Francisco, and DSI International Management Inc., Stamford, Conn.; all three run enhanced index funds for CalSTRS.
BGI, however, didn't tender the shares in a Russell 1,000 index fund, which amounts to 46% of CalSTRS' total shares of PeopleSoft, according to Ms. Macintyre.
Ms. Macintyre wasn't able to provide further details.
Two Standard & Poor's 500 index fund managers for the Illinois State Board of Investment, Chicago, did not tender, said William Atwood, executive director of the board, which has $10.3 billion in assets. Amalgamated Bank, New York, holds 26,901 shares and RhumbLine Advisers LLC, Boston, holds 26,751 shares, Mr. Atwood said.
Messrs. Chartier and Pacheco said they were uncertain if officials at their funds would ask PeopleSoft to remove its poison pill. "There was a deadline approaching and we felt it made economic sense" to tender the shares, Mr. Pacheco said.
Mr. McCauley said the Florida board doesn't support poison pills, but he couldn't say if it will actively seek to have PeopleSoft remove its anti-takeover device.
Oracle has asked PeopleSoft to remove the poison pill, which would trigger a flood of new shares and render an unfriendly takeover too expensive for Oracle to proceed, said Ms. Glass.
Oracle also sued PeopleSoft in Delaware Chancery Court in June claiming the poison pill is an unfair obstacle to a hostile acquisition. Vice Chancellor Leo Strine Jr, who is presiding over the case, scheduled a hearing Nov. 24 to possibly set a date for a decision, said Ms. Glass.
PeopleSoft, based in Pleasanton, Calif., has remained firm on its poison pill, which was adopted by the board without a shareholder vote some years before the Oracle's initial bid in 2003. If 20% of PeopleSoft stock were bought, the board could trigger the shareholders' rights plan, which would allow distribution of new stock to existing shareholders.