Perpetual Limited (ASX:PPT) confirmed the conclusion of the engagement process with EQT after rejecting a further revised proposal from Windflower, an entity indirectly controlled by EQT, to acquire all of the shares in the company through a scheme of arrangement for AU$22.50 apiece, according to a Monday filing with the Australian bourse.

Under the revised proposal, the board may declare and pay a dividend for the half-year period to Dec. 31 of up to AU$0.60 per share without any adjustment to the AU$22.50 scheme consideration, the filing said.

The board also said that the scheme consideration is the same price offered by EQT in its earlier proposal that it determined was not in the best interests of shareholders, per the filing.