Business suit wraps firm's ultimate rival up? That’s absurd! (4,3,2)
I believe the answer is:
come off it
'wraps firm's ultimate rival up? that's absurd' is the definition.
I can't judge whether this definition defines the answer.
'business suit' is the wordplay.
I cannot really understand how this works, but
'business' could be 'co' (short for company) and 'co' is found in the answer.
'suit' could be 'fit' (synonyms) and 'fit' is located in the answer.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for come off it that I've seen before include "Don't be ridiculous!" , "People climbing dangerous structure may be told to" , "that's most unlikely" , "How to stop sex addiction?" , "Don't make me laugh" .)