Nov 10 (Reuters) - Asset manager Perpetual Ltd said on Thursday it rejected a higher A$1.85 billion ($1.19 billion) bid from EQT-owned Barings Private Equity Asia (BPEA) and Regal Partners.

Perpetual said the revised bid "continues to materially undervalue the company."

Shares of Perpetual rose as much as 2.6% to A$29.84 in early trade, while the broader market was down 0.5%.

The new bid, at A$33 a share, represents a 13.4% premium to Perpetual's last closing price. The consortium had previously offered A$30 a share, which Perpetual rejected.

Regal Partners said the consortium had requested a one-week initial due diligence period while submitting the A$33 per share proposal, but the Perpetual board rejected it without a discussion.

"We consider the revised bid to be more realistic and one the PPT board should engage with to seek better terms," said Lafitani Sotiriou, a senior analyst at MST Emerging.

The company is also in the process of acquiring rival Pendal Group for A$2.51 billion.

Pendal said that the its buyout terms with Perpetual were such that any acquisition of the latter will only proceed if the purchase of Pendal was accommodated for in the deal.

Pendal also said Perpetual had requested it to delay the court hearings for the deal, but it plans to proceed as-planned, with the first hearing scheduled this week.

Perpetual in a separate statement confirmed its proposal for a short deferral to the first court meeting.

The asset manager added that the terms of the Pendal takeover provided for a provision where the former may have an obligation to pay up to A$23 million ($14.77 million) to the latter, should the parties not proceed with the transaction.

BPEA is one of the largest private equity players in the region, and was acquired by EQT in March.

EQT declined to comment on the deal. ($1 = 1.5571 Australian dollars) (Reporting by Harshita Swaminathan and Tejaswi Marthi in Bengaluru ; Editing by Krishna Chandra Eluri and Rashmi Aich)