Micro Focus International
increased its cash offer for
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In a press release Thursday, the companies said a separate bidder looking to acquire Borland has withdrawn from the process.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.