Australia's Perpetual falls after rejecting EQT's latest bid; Citi downbeat on business outlook

** Shares of Perpetual PPT.AX fall nearly 16% to A$16.50, their biggest intraday pct decline since November 2022

** Shares hit their lowest level since July 1

** The asset manager rejects another higher takeover offer from EQT AB EQTAB.ST

** The A$22.5-per-share offer represents a 14.8% premium over the stock's last close

** Offer is above the group's earlier bids of A$21.64 a share on July 1 and A$22.07 mid-July

** Citi analysts say the rejection would mean PPT's engagement with EQT ends

** Brokerage says Perpetual's earnings outlook remains under pressure due to continued client outflows from its asset management business, particularly higher-margin equity funds

** However, Citi flags some investors may still be hoping for a rival takeover bid, which could help support the stock

** Two of five analysts rate the stock "buy" and three "hold"; their median PT is A$21.53, LSEG-compiled data shows

** Stock down 10.6% YTD, including moves in the current session