AMA Group (ASX:AMA) will not proceed with a deal to sell its vehicle panel repair arm Blackstone Group.
The deal worth $508 million was refused by the Deputy Commissioner of Taxation who denied the request for a ruling for demerger relief.
Because the decision came from the Australian Taxation office - there are no break fees payable.
The AMA Board says they are disappointed with the decision but the business has continued to perform strongly and is still on target with the market guidance released earlier in the year.
Shares in AMA Group (ASX:AMA)are down 4.59 per cent to 94c.