Hershey is still working on a bid for Cadbury that would top Kraft’s 10.5 billion pound bid for the British confectioner. As the clock ticks down for rivals to enter the fray, Hershey — the one remaining party to declare its hand — has still not decided if it will table a formal offer, but has authorized the drawing up of a bid. At the same, Kraft has stepped up the charm offensive with Chief Executive Irene Rosenfeld visiting Cadbury shareholders in London. She has found some doors shut, however, indicating that investors find the bid too low.

First round bids for debt-ridden film studio MGM are due on Friday, with 12 companies having expressed an interest in the business, including rivals Time Warner and Lions Gate Entertainment, as well as Liberty Media, News Corp and private equity firms. Non-binding bids for the studio, controlled by a consortium of private equity and media firms, are expected to come in at $1.5 billion to $2 billion, way below $3.7 billion it owes its lenders.

Telecoms billionaire Carlos Slim has launched a $21 billion bid to unite Telmex and Telmex Internacional with Latin America’s top mobile phone provider America Movil. Slim, who controls all three companies, wants to create a leading fixed-line, mobile and internet services company to stave off competition from rivals.

Luxembourg-based investment firm Genii Capital, in cahoots with Formula One tycoon Bernie Ecclestone, over a bid for Swedish carmaker Saab said it has submitted a revised offer. It hopes the new bid will show owner General Motors it has the financial clout to run Saab and encourage the U.S. car giant to reverse its plan to wind up the business.

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In other media:

Private equity firm BC Partners has dropped out of the race to acquire budget fashion and homewares retailer Matalan, the FT writes, leaving rivals TPG, Advent International and Warburg Pincus in the race to acquire the business, ambitiously priced at around 1.5 billion pounds.