Maybe it's people who had the idea that the Mid American offer was a floor on the price, a free put?
CEG seems to be settling on 23 for now, who knows why except that it spent a lot of time there when that number made sense. I can't see that what's left of the company is necessarily worth 23, even with the cash infusion. Maybe it is and maybe it isn't.
(I have a powerful emotional feeling that it's going to go up, and that I should buy a lot at 23 for a quick trade. I'm working hard to ignore that feeling.)