Holmes a Court dropped a bid for Herald & Weekly.

Publisher Rupert Murdoch neared victory in his effort to acquire Herald & Weekly Times Ltd., Australia’s largest media concern, after Robert Holmes a Court withdrew one day after a court removed an injunction that had temporarily blocked Murdoch’s News Corp. from proceeding with its bid. There had been speculation that Holmes a Court, a financier based in Perth, Australia, would again sweeten his proposal, currently valued at $1.32 billion, and top Murdoch’s $1.47-billion offer. Herald & Weekly, headquartered in Melbourne, owns two television stations, 15 newspapers and several radio stations.