I'm shocked as well. Only event I can see is the end of the tender today, but that should cause a reduction as demand and news cycle ends.
As I've stated, interested in how the stock will trade post deal but this surprised me. Now lets see if it might have been a last buying spree by GE or some other causation. But now the issue is whether its worth buying back in and I did expect the price to go down. Although, the ADS is still below tender even with today's move. Will be interested also in seeing what ownership GE ends up with, how far the filings were off, and how they will operate the company, primarily as a profit center or for its own purposes. )
Oh, and the float is even less than you postulate. At most, the float is 15% (ge 75% AND eLLIOT 10) and probably much less as GE will have added and the die hards won't be selling. It may only be a 10% stock float and maybe even less than that as those not tendering will not be selling and Ge may now have more than we think.