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MADRID, Aug 27 (Reuters) - The board of Spain's Telefonica will on Wednesday study improving its offer for Vivendi's Brazilian broadband unit GVT, a source familiar with the situation said on Wednesday.
"It will be higher than (the original) 6.7 billion euros, but it won't be as much as 8 billion euros," the source said, referring to newspaper reports that have indicated that price.
Telefonica is competing with another expected bid from Telecom Italia of around 7 billion euros according to sources.
Reporting By Robert Hetz; writing by Elisabeth O'Leary