(Updates with background, details and context)

July 21 (Reuters) - Australia's Link Administration Holdings Ltd said on Thursday it will recommend Canadian software firm Dye & Durham Ltd's revised offer of A$4.81 per share, that values the share registry company at A$2.47 billion ($1.70 billion).

The revised takeover bid comes more than a week after Link said it was unable to recommend a prior offer of A$4.57 per share that valued it at A$2.34 billion.

"The Link Group board unanimously recommends that Link Group shareholders vote in favour of the revised scheme in the absence of a superior proposal," the share registry firm said on Thursday, adding it was also subject to an independent expert concluding in favour of the offer.

Dye & Durham (DND) late last month cut its buyout offer to A$4.30 in cash apiece, significantly down from a bid of A$5.50 per share it had made in December, citing decrease in valuation of the company.

The cut had also come on the heels of the Australian competition regulator raising competition concerns about the offer.

DND's subsequent approach to buy Link earlier this month - raising the offer price to A$4.57 per share - was also thwarted by the board.

Over the past two years, Link has received multiple buyout proposals, namely from global investment firms Carlyle Group and KKR & Co Inc, a failed bid by a consortium that included Carlyle - all vying to obtain its prized 42.8% stake in electronic conveyancing group PEXA.

($1 = 1.4526 Australian dollars) (Reporting by Sameer Manekar in Bengaluru; Editing by Sherry Jacob-Phillips)