(Reuters) - Oracle Corp should raise its offer to buy NetSuite Inc to $133 per share from the $109-per-share it had proposed in July, NetSuite shareholder T. Rowe Price Group Inc said.

T.Rowe said would not participate in the tender offer, which expires on Nov. 4, unless Oracle raises its offer, the investment manager said in a letter sent to Oracle on Oct. 27.

NetSuite had declined to meet T.Rowe and instead was asked to contact Oracle, T.Rowe said. (http://bit.ly/2eZA1oh)

T. Rowe's resistance could put pressure on Oracle Chairman Larry Ellison to consider making a new offer to combine his software company with NetSuite, in which he holds a 40 percent stake.

T.Rowe is NetSuite's largest shareholder after Ellison.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D'Souza)