UPDATE 1-Micro Focus raises offer for Borland to $1.15/shr

* New offer values Borland at $88 million * Micro Focus says rival bidder withdraws from process

* Says terms of new offer approved by both boards

* Micro Focus shares up 4.6 pct (Adds details)

June 18 (Reuters) - British software firm Micro Focus International Plc (MCRO.L) said on Thursday it raised its cash offer for Borland Software Corp (BORL.O) to $1.15 per share from its earlier bid of $1.00 and said a rival bidder had withdrawn from the process.

The new offer values Borland at $88 million. The company's shares closed at $1.14 Wednesday on Nasdaq.

The terms of the revised offer had been unanimously approved by the boards of both Micro Focus and Borland, Micro Focus said in a statement.

Earlier this month, Borland said in a filing with the U.S. Securities and Exchange Commission that it received a letter from a certain company indicating interest to acquire its shares for $1.20 in cash, trumping Micro Focus's previous bid of $1.00 a share.

Micro Focus shares were trading up 17 pence at 387 pence at 0739 GMT on Thursday on the London Stock Exchange. (Reporting by Tresa Sherin Morera in Bangalore; Editing by Vinu Pilakkott) ((tresa.sherin@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: tresa.sherin@thomsonreuters.com))