News: APM UPDATE 1-Australia's APM Human Services gets improved $1.20 bln buyout bid

(Adds details on new buyout bid)

Feb 28 (Reuters) - Australia's APM Human Services International (APM) said on Wednesday it has received an improved buyout bid from private equity firm CVC Asia Pacific Limited, which would value the company at A$1.83 billion ($1.20 billion).

The new offer price of A$2.00 per share is nearly 25% higher than the A$1.60 offer it rejected earlier as it did not sufficiently reflect its "fundamental value"

The revised offer also represents a 41.8% premium to APM's last closing of A$1.41 on Feb. 27.

APM said its board determined it was in best interests of shareholders to re-engage with CVC and grant it a four-week period of exclusivity.

The revised proposal includes an option for APM shareholders to elect to receive all or part of their consideration in the form of shares in an unlisted Australian public company (HoldCo) which will own 100% stake in CVC Funds, the company said.

($1 = 1.5281 Australian dollars)