The offer for sausage skin maker Devro PLC (LSE:DVO) has been increased by Germany's Saria Group valuing the firm at £692mln compared to £667mln before.
The new terms are 320p cash plus a second dividend of 10p for each Devro share held compared to the straight 316.1p bid previously announced.
The increase follows talks with Devro shareholders about the terms of the original offer.
Saria, part of the Germany-based Rethmann empire, said the bid would not be increased further unless a third party joins the fray.
Devro’s board unanimously recommended the new terms.
Shares in Devro rose 6.5% to 326.50p in London on Thursday.