(Adds details, background) Nov 3 (Reuters) - Australian asset...

(Adds details, background)

Nov 3 (Reuters) - Australian asset manager Perpetual Ltd (PPT) said on Thursday it rejected a A$1.68 billion ($1.07 billion) takeover offer from a consortium of overseas and local private equity and funds management firms.

The company said the A$30-per-share proposal from Barings Private Equity Asia, which was recently bought by EQT EQTAB.ST , and Australian firm Regal Partners (RPL) materially undervalued he firm.

Perpetual said it would press on with its planned A$2.51 billion acquisition of rival Pendal Group (PDL) announced in August.

The private equity offer represents a premium of about 11.5% to Perpetual's last close of A$26.90.

Shares in Perpetual, which has a market capitalisation of nearly A$1.55 billion, have fallen 25.2% so far this year.

Barings Private Equity Asia is one of the region's largest private equity firms and was bought by EQT in March.

Perpetual had A$89.8 billion of assets under management as of September-end. ($1 = 1.5748 Australian dollars)