Quick update: Exchange ratio risk has been almost eliminated and this starts to look like a standard Odd Lot tender offer (besides having to short SYF) with guaranteed $200 return. The main risk remaining is that transaction will be cancelled due to low participation (I consider this unlikely). As per filling “The minimum condition provides that GE is not required to complete the exchange offer unless at least 634,743,750 shares of Synchrony common stock will be distributed in exchange for shares of GE common stock that are tendered in the exchange offer.”
The pricing of the exchange offer has been almost finalized (only today left) and the exchange ratio will be c. 1.05 shares of SYF for every share of GE. Thus trade no is to buy 99 shares of GE and short 104 shares of SYF.