UPDATE 1-Micro Focus hikes offer for Borland again

* Raises offer to $1.50/shr from $1.15/shr

* New offer values Borland at about $113 mln

* Says proposed offer meets its acquisition criteria

* Micro Focus shares rise 1.4 pct (Adds details)

July 1 (Reuters) - The bidding war for U.S.-based Borland Software Corp BORL.O heated up on Wednesday as British software firm Micro Focus International Plc (MCRO.L) sweetened its cash offer to $1.50 per share from $1.15 per share, topping a proposal made by an unnamed bidder last week.

Micro Focus, whose new offer values Borland at about $113 million, said the terms of the revised offer were approved by the boards of both companies.

Micro Focus said the proposed price continued to meet its "strict financial acquisition criteria".

Last week, Borland said in a filing that the strategic buyer had increased its offer proposal to $1.25 in cash. The company said it had opened its books to the unnamed party for due diligence.

Shares of Micro Focus were trading up 5.25 pence at 379.75 pence by 0745 GMT on Wednesday on the London Stock Exchange. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Anne Pallivathuckal)