Interpreting a Proposed Split$-$Off Disclosure

On October $19,2015,$ the following was reported in an article at

StreetInsider.com.

General Electric commenced an offer to exchange GE common stock for common stock of Synchrony Financial presently owned by GE$.$ This exchange offer is in connection with the previously limit of $1\mathrm{.}1308$ shares of Synchrony common stock per share of GE common stock.

a$.$ This transaction is a split$-$off. How do we know?

ODistribution of Synchrony's shares to GE's shareholders' were in the form of a dividend.

ODistribution of Synchrony's shares to GE's shareholders' were in the form of an exchange for GE shares.

b$.$ How will the proposed split$-$off affect the number of GE shares outstanding?

The repurchased shares are treated as treasury stock, GE's outstanding shares will increase.

The repurchased shares are treated as a dividend, GE's retained earnings will decline.

The repurchased shares are treated as treasury stock, GE's outstanding shares will decline.

The repurchased shares are treated as a dividend, GE's retained earnings will increase.

c$.$ Given the details revealed in the news article, does the split$-$off appear to be pro$-$rata or non pro$-$rata?