UPDATE 1-Union postpones BA strike ballot

* Union to consult with cabin crew members on new offer

* BA says offer gives genuine opportunity to end dispute

(Adds detail, background)

LONDON, June 28 (Reuters) - The Unite union confirmed on Monday it would postpone balloting British Airways BAY.L cabin crew on further strikes to allow union members to consider the latest offer from the airline's management.

Unite said on Sunday it expected to delay the ballot which had been set to commence on Tuesday. BA had said it would withdraw its latest offer if the ballot took place.

"We have agreed to postpone the strike ballot to allow the offer to be consulted on," a Unite spokeswoman told Reuters.

The new offer from BA includes two years of guaranteed rises in basic salary from February 2011 in addition to annual incremental pay increases.

BA, which has already lost 150 million pounds ($226 million) in 2010 from a series of strikes, said it welcomed the union's decision.

"We believe our offer is fair and reasonable and provides a genuine opportunity to end this dispute," a spokesman said.

Shares in BA closed Monday up 1 percent at 209.6 pence, valuing the business at 2.41 billion pounds.

(Reporting by Matt Scuffham; Editing by James Davey)