UPDATE 1-Australia's Estia Health opens books to Bain Capital for improved offer

(Adds details on current proposal, background)

April 4 (Reuters) - Australian aged-care provider Estia Health Ltd said on Tuesday it will provide its suitor Bain Capital with a limited period of access to the company's non-public financial and other information on hopes of a revived and improved proposal.

Late in March, Estia received a non-binding buyout proposal from the U.S. private investment firm for A$775.1 million ($523.11 million). The proposal implies a value of A$3.00 per share, which was at a 28.2% premium to Estia's close at the time of receiving the offer.

"The board does not regard the indicative proposal as compelling having regard to price and conditionality," Estia said in a statement.

The Sydney-based company said it plans to hold back on acquiring shares under its recent on-market share buyback program keeping in mind its engagement with Bain, which is preliminary in nature.

($1 = 1.4817 Australian dollars) (Reporting by Roushni Nair in Bengaluru; Editing by Uttaresh Venkateshwaran and Shailesh Kuber)