Perpetual, the 139-year-old financial services group, confirmed private equity firm Kohlberg Kravis Roberts & Co lobbed another bid for its corporate trust and wealth businesses, after an adverse tax ruling made their initial $2.2 billion agreement almost unworkable.

The embattled wealth firm said the amount that shareholders would get under the terms of the new non-binding and conditional bid was “uncertain”, tempering enthusiasm that the transaction could be revived.