Talen Energy Dutch Tender Offer

If you’re not aware, there’s a Dutch tender offer for Talen Energy (Ticker: TLNE) for $116 to $122. The stock is currently trading around $111 to $112, which is a decent discount to the minimal range of $116 for the tender. The discount can be attributed to a possibility that they can withdraw and amend the deal based on the recent 10% decline condition of the Energy Share Basket. I see this as a low probability, but it can happen. The deadline for the early tender is June 12th. If you participate, make sure to purchase no more than 99 shares as there is an odd lot priority and go with “no bid” when tendering.