Perpetual (ASX:PPT) received a further revised non-binding indicative proposal from Windflower, an entity that the company understands is indirectly controlled by Swedish private equity firm EQT, to acquire 100% of its shares through a scheme of arrangement at AU$22.50 apiece, according to a Monday filing with the Australian bourse.

The proposal represents a 2% increase on EQT AB's revised non-binding indicative proposal of AU$22.07 disclosed on July 15 and 17, the filing said.

The board is reviewing the proposal, and no recommendation has been made to shareholders at this time, per the filing.

Perpetual's shares rose nearly 3% in recent Monday trade.