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Two years ago when NRG Energy rebuffed an $8 billion buyout offer, it said the bid was far too cheap to be taken seriously. There may be a bit of shareholder remorse this week, with prospective buyers now eying deals through the lense of a global economic downturn. Nuclear power giant and utility operator Exelon late Sunday night made an unsolicited $6.2 billion all-stock bid for NRG in a proposal that would create the nation's largest power company. The combined Exelon and NRG would be big enough to power nearly 45 million homes with 47,000 megawatts, Chicago-based Exelon said. It would have a diverse power mix and a market capitalization of $40 billion.

Exelon Corp launched a hostile bid for NRG Energy Inc (NRG.N: Quote, Profile, Research, Stock Buzz) on Tuesday, two days after the power producer rejected its $6 billion-plus offer. "Their decision to reject our proposal, without any discussion with us as to the merits or structure of our proposal, has left us with no choice but to bring the offer directly to the NRG shareholders," Exelon Chairman and Chief Executive John Rowe said in a statement.