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UPDATE 1-Exactech gets higher $737 mln cash offer from TPG Capital

(Adds share price, advisers)

Dec 4 (Reuters) - Medical device maker Exactech Inc said on Monday TPG Capital raised its offer to buy the company to $737 million cash and its board agreed to the amended terms, saying the offer was in the best interests of shareholders.

The revised offer of $49.25 per share represents an increase of 17.3 percent to the previously announced $42 per share on Oct. 23, the company said.

Exactech a developer and producer of orthopaedic implant devices and surgical instrumentation for extremities and large joints expects the deal to close during the first quarter of 2018.

J.P. Morgan Securities LLC is acting as financial adviser to Exactech. Greenberg Traurig PA (Miami) and Greenberg Traurig LLP (NYC) are acting as Exactech's legal adviser. Ropes & Gray LLP is acting as legal adviser to TPG Capital.

Since the deal was announced on Oct. 23, the company's stock has been hovering around the previously announced offer price of $42. The company's stock was trading at $49.25 in light premarket trading on Monday. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta)