SYDNEY, Oct 4 Australia's Wotif.com WTF.AX upped its offer for online travel firm

SYDNEY, Oct 4 (Reuters) Australia's Wotif.com upped its offer for online travel firm Travel.com.au Ltd to A$55 million ($49 million) on Thursday, stepping up a bidding war for the firm against rival Webjet Ltd .

Wotif.com, which sells holiday accommodation over the internet, said it would would offer A$0.55 in cash or between 0.0982 and 0.1146 of its own shares for each Travel.com.au share.

Webjet earlier on Thursday raised its bid by 19 percent to A$0.22 in cash and 0.21 of its shares per Travel.com.au share, valuing its offer at about A$54 million. It said its revised offer had an implied value of $0.5447 a share.

Travel.com.au shares were trading 3.2 percent higher at 64 Australian cents at 0538 GMT. Wotif shares were 0.4 percent weaker at A$5.45 and Webjet gained 1.7 percent to A$1.49.

Webjet, whose initial offer was backed by the Travel.com.au board, built up a 19.9 percent stake in Travel.com.au last month. It said earlier on Thursday it would raise A$15 million in equity capital in order to fund the revised bid.

Travel.com.au offers flights, accommodation and travel packages and also owns the Lastminute.com.au site.

Travel.com.au said earlier in the week it would consider the original Wotif offer, but recommended shareholders take no action yet.

REUTERS SR DS1304