Talen Energy

A little post-bankruptcy idea

Independent power producer Talen (TLNE) has done well since emerging from bankruptcy.

Now they’re buying back $600 million of stock at a price of $116–122 per share. If you buy 99 shares, you can tender them all and get something in that range shortly after the early tender offer expires on June 12, 2024 in less than two weeks. It is on you to remember to instruct your broker to tender and that you want odd-lot treatment that avoids proration. Select “purchase price tender” or “tender at a non-specified price” depending on the broker to go inline. As of this writing, you can buy shares beneath the low end of the range (I wouldn’t pay over $116).