Flawed logic. These are shares of a company, not a piece of furniture. You can't just decide that a merger price is "excellent", and includes the dividend. Operations continued at the same pace, the value of the business increased since the $27.25 price was agreed upon, and a quarter with normal earnings past. Exelon is not paying the dividend because they feel they can get away with it and can't be held accountable.
I imagine if EXC board members held a lot of shares of POM before the merger, they would have declared a POM dividend.