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.