Feb 17 (Reuters) - Australia's Perpetual

confirmed on Monday it received a revised proposal for its

wealth management and corporate trust businesses from buyout

firm KKR & Co ( KKR ), but said the offer includes commercial

terms that still need to be finalised.

An A$2.2 billion ($1.40 billion) deal with the buyout firm

for those businesses has been on the back burner over the past

two months after Perpetual received a much higher than expected

tax bill.

Perpetual shares rose 1.25% on Monday, outperforming the

S&P/ASX200, which was down 0.7% in the morning session.

The company said in December the estimated cash proceeds

from the deal would reduce because of the tax bill to A$5.74 to

A$6.42 apiece from the previously expected range of A$8.38 to

A$9.82 apiece. An independent expert's report at the time said

the deal was not in the best interests of shareholders.

Media reports over the weekend stated KKR had returned with

an enhanced all-cash proposal exceeding A$8 per share for the

Australian asset manager's corporate trust and wealth units.

However, Perpetual said in a statement that the "latest

revised proposal and its quantum are not accurately described in

the media."

It said "the net proceeds shareholders would receive under

the revised proposal are uncertain at this stage".

The sale of the businesses, along with the century-old

Perpetual brand, would reshape the company into a standalone

fund management firm as it navigates a strategic turnaround.

($1 = 1.5751 Australian dollars)

(Reporting by Scott Murdoch in Sydney, Sameer Manekar and

Roshan Thomas in Bengaluru;

Editing by Marguerita Choy, Sam Holmes and Muralikumar

Anantharaman)