(Updates to add stock movement in the last paragraph)

Perpetual (ASX:PPT) rejected an unsolicited, non-binding takeover proposal from Windflower, an entity indirectly controlled by Swedish private equity firm EQT, saying the offer did not adequately reflect fair value for shareholders in a change-of-control transaction, according to an Australian bourse filing on Wednesday after market hours.

The shareholders would have received AU$21.64 cash per share under the proposal, less any dividends, capital returns, or distributions paid by the company, the filing said.

The company said shareholders do not need to take any action in response to the proposal.

The company's shares fell 1% in recent Thursday trade.