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

Pepper Money PPM.AX falls as much as 8% to A$1.545, lowest 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 co at A$1.01 billion ($706.2 million)

"Challenger cutting its offer price effectively killed the deal... It would be difficult for Pepper Money to convince shareholders that the bid still offers an attractive premium," says ETF Shares CEO Cliff Man

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

YTD, PPM down ~25%, CGF down 11.9%

($1 = A$1.4302)