Australia's Pepper Money falls after rejecting $706 million takeover bid

Shares of Australia's Pepper Money PPM.AX fall as much as 8% to A$1.545, hitting lowest level since June 2

Stock logs worst day since March 17

Non-banking lender rejects takeover approach from investment manager Challenger CGF.AX, citing execution concerns

Offer valued PPM at A$1.01 billion ($706.19 million)

CGF up as much as 5.6% to A$8.360, hitting highest since March 4

PPM down nearly 25% while CGF down 11.9% this year, including the day's move

($1 = 1.4302 Australian dollars)