GE GE today commenced an offer to exchange GE common stock for
common stock of Synchrony Financial SYF presently owned by GE.
This exchange offer is in connection with the previously announced
separation of Synchrony, the largest provider of private label credit
cards in the United States*, from GE. The exchange offer is expected to
conclude the week of November 16, 2015.
Last week, Synchrony Financial received approval from the Federal
Reserve to become a stand-alone savings and loan holding company
following the completion of the exchange offer. In the exchange offer,
or split-off, GE shareholders will have the option to tender for
exchange some, none, or all of their shares of GE common stock for
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