Eumundi Group's (ASX:EBG) suitor, SEQ Hospitality Group, raised its takeover offer for the Australian Securities Exchange-listed hotel operator to AU$1.62 from AU$1.55 per Eumundi share, according to a Monday filing with the Australian bourse.

The upgraded bid represents a 38% premium to Eumundi's 30-day volume-weighted average price as of Oct. 29 and a 4.5% increase to the initial offer price.

It is on top of an interim dividend of AU$0.024 per Eumundi share, which is expected to be declared before the scheme meeting related to the acquisition takes place, the filing said.