Australia Tax Commissioner ruling against demerger relief scuppers $395 million acquisition.
The AMA Group Limited (ASX:AMA) announced that its AU$508 million ($395.4 million) sale of its collision repair business to the U.S. private equity firm Blackstone will not proceed following its receipt of a formal response from the Deputy Commissioner of Taxation refusing AMA’s request for a Ruling for Demerger Relief. This ruling was required in order to undertake the sale of the collision repair business that was announced in April.
Blackstone has been informed that the demerger will therefore not proceed and the proposed transaction with Blackstone will proceed
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