Australia's Perpetual ASX:PPT said on Wednesday it has rejected a non-binding indicative proposal from Windflower, an entity indirectly controlled by EQT AB OMXSTO:EQT, to buy the wealth manager in a A$2.45 billion ($1.69 billion) deal.

Under the proposal, Windflower offered A$21.64 in cash per Perpetual share.

($1 = 1.4516 Australian dollars)