NEW YORK (CNN/Money) - Oracle, which announced a hostile takeover bid for rival software firm PeopleSoft on Friday, said that PeopleSoft is withdrawing a legal complaint that it had planned to file in a Alameda, California county court.

Oracle said that PeopleSoft had previously informed the company that it would be filing a complaint against Oracle.

PeopleSoft CEO Craig Conway branded Oracle's all-cash offer of $16 a share an example of "atrociously bad behavior from a company with a history of atrociously bad behavior" on Friday and said that Oracle was simply trying to derail PeopleSoft's attempt to acquire software company J.D. Edwards. Those two firms agreed to merge on June 2.

But Oracle said on Tuesday that PeopleSoft's decision to not take Oracle to court could signal that Conway is willing to consider Oracle's offer.

"We are hopeful that this apparent change in course indicates that the PeopleSoft Board will be willing to meet with us to discuss our offer," said Oracle Executive Vice President Safra Catz, in a written statement.

Officials from PeopleSoft were not available for comment.