UPDATE 1-Tamburi counters MI.MO.SE's bid for Italy's M&C

* Bid to be in cash, shares

* Bid tops MI.MO.SE offer by 24-28 pct: Tamburi

* Turin's MI.MO.SE made bid last month (Adds details, background)

MILAN, July 9 (Reuters) - Italy's Tamburi Investment Partners SpA (TIP.MI) made a counter-offer on Thursday for investment company Management & Capitali SpA (MACA.MI) in a counter-bid to that made by real estate firm MI.MO.SE.

The cash-and-stock offer for Management & Capitali tops MI.MO.SE's offer by between 24.35 percent and 28.14 percent depending on the Tamburi share price selected, adherence and stock options, Tamburi said in a statement. [ID:nBIA09446].

MI.MO.SE, owned by Turin's Segre family, offered to buy out Management & Capitali last month for 0.8 euro a share, or 37.9 million euros, after distribution of a dividend of 0.62 euro a share.

Bourse regulator Consob on Thursday set July 22 to Sept. 15 as the period for MI.MO.SE's offer to be carried out.

Chairman Carlo De Benedetti, one of Italy's leading businessmen, owns 16.1 percent of Management & Capitali. The company holds 13.6 percent of its own shares, according to Consob.

Shares in Management & Capitali closed up 0.07 percent at 0.7005 euro. Tamburi ended up 2.17 percent at 1.226 euros.

(Reporting by Ian Simpson)