Micro Focus International

increased its cash offer for

Borland Software

(BORL)

to $1.15 a share.

The terms of the revised offer, which values Borland at about $88 million, have been unanimously approved by the boards of both companies.

In a press release Thursday, the companies said a separate bidder looking to acquire Borland has withdrawn from the process.

Shares of Borland closed Wednesday at $1.14 a share.

In May, it was announced that Borland was being acquired by Micro Focus for $1 a share, valuing Borland at the time at $75 million.

Micro Focus, a U.K. company, is a developer of enterprise application modernization and management software, while Borland makes open application, lifecycle management software.