Nice try,

Exelon

(EXC) - Get Report

The stock market collapse presented a chance to get

NRG Energy

(NRG) - Get Report

TheStreet Recommends

on the cheap, and Exelon gave it a shot.

Seriously, though, offering 0.485 of an Exelon share for each NRG share? That values NRG at about $26 a share.

NRG traded in the $40-plus range until June. No one in his right mind could expect the NRG board to accept that offer. And of course, NRG

rejected the bid

as too low.

This combination, which would create the nation's largest power company, makes sense for Exelon shareholders even at a higher price, so there's no reason to shortchange NRG shareholders.

Come on, Exelon. Make a decent offer already and stop wasting everyone's time.