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For this mid-month update, I am going to focus on two energy related opportunities. One is a short-term odd lot tender opportunity and the second one is a more complex long-term opportunity.
The last two odd lot tender offer opportunities we discussed were in May in an article titled A Monster Tender Offer – Merger Arbitrage Mondays and a few days later again in the June 2024 Special Situations newsletter where we discussed the Talen Energy (TLN) tender offer. I participated in the Monster Beverage (MNST) tender offer with the odd lot provision and it worked out well. Anyone that participated without the odd lot provision and did not see all their shares accepted saw the stock drop sharply after the tender offer expired. Monster has since recovered to within 3% of where it was pre-tender.
Talen Energy worked out even better and the stock is up nearly 45% from where we wrote about it thanks to the huge demand for power infrastructure and the company uplisting to the Nasdaq.