It looks like there is another in-the-money tender offer opportunity for those who play at the smaller end of the market.
Talen Energy has a public offer on the cards with a price range of $116 to $122. However like most tender offers, it has odd lot priority which result in almost guaranteed takeout for the shares submitted up to 99 shares.
Talen Energy last traded at $111.70 and as the date of the writing it has 3 days remaining until the end of the early tender period. This means for any buyers there is a good $4.30 spread per share for 99 shares, an easy $425.70 for no work!
Sits like these are not going to make your year, but they can enhance your portfolio as they are a limited-risk opportunity with a short-term hold. The IRR for opportunities like these is really good. The only issue is that they are not repeatable, but sometimes the market gives you free money, and all you have to do is just take it.