Perpetual (ASX:PPT) said it has received a revised non-binding, conditional proposal from EQT-controlled Windflower to acquire all of its shares via a scheme of arrangement for AU$22.07 per share, up 2% from the previous AU$21.64 offer, according to an Australian bourse filing on Wednesday after market hours.

The proposal remains subject to several conditions, including the completion of the sale of the company's wealth management business to Bain Capital, the completion of due diligence, the execution of definitive agreements, and the receipt of regulatory approvals, per the filing.

The company said its board is assessing the proposal with the help of advisers, but emphasized that there is no assurance a deal will be completed.