I think both stocks will fall off after the deal is done.
SYF will fall off sooner due to all of the new shares available (increase supply starting this week).
GE will take longer to fade due to GE shares being tendered which will reduce supply starting tomorrow. Offsetting this, starting tomorrow, GE shares lose the "option value" they had before the tender offer expires.
By spinning SFY, GE will see a net reduction in EPS though, so that is a negative for GE. GE has already planned that they can offset that earnings reduction though for awhile anyway. So that will create a smoke screen for a few quarters anyway.
I would expect a decline in both stocks from these levels.
I mean, you could have bought SYF before, so why would anyone suddenly want to buy now? Only due to lower price?
If you didn't like GE before, why buy now after the tender option expired?
I see no compelling reason for new buyers to come in right now for either stock.
You are missing the fact that if GE gave you your SFY shares, you would only receive about 18 shares of SYF for each 100 shares of GE you own. This is about the same ratio as the exchange ratio 1.0505 (118/100).