Perpetual has knocked back a non-binding acquisition proposal offer from Regal Partners and BPEA EQT Fund.
Announced on the ASX on Thursday morning, the cash proposal would have been for 100 per cent of all shares by way of scheme of arrangement for a price of $30 per share.
The proposed entity would have $90 billion in assets under management across high-net-worth and retail clients.
Perpetual is also seeking to acquire Pendal.