Good evening,

Time is ticking on an outcome of a colourful bunfight between private equiteers at Crescent Capital and their erstwhile colleagues who set up shop at Genesis Capital. At the centre of the stoush is Pacific Smiles, the ASX-listed dental group both buyout firms have eyed.

Street Talk first reported that the Michael Alscher-led Crescent was hanging around the $222 million market cap stock in January. After some back and forth, Crescent – through its National Dental Care business – struck a deal with Pacific Smiles to take the company private for $303 million. They had previously backed a $279 million Genesis bid.

Crescent’s offer, however, was complicated by a surprise substantial holder notice the following month that disclosed it was the beneficial owner of 19.9 per cent of Pacific Smiles. It had previously said it had no “relevant interests” – only an “economic interest” through a cash settled total return swap organised by Jarden.

Last month, the Takeovers Panel, which has been adjudicating the dispute, sided entirely with Crescent. Sources close to the matter say the tribunal is closing in on a penalty, which is expected within days. Among the penalties being considered would be forcing Genesis, which is led by two former Crescent dealmakers in Michael Caristo and Chris Yoo, to sell their holding in Pacific Smiles or to bar them from voting on it.

Read the full story tomorrow and more on the Street Talk page.

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