NEW YORK (CNNMoney) — Family Dollar has rejected a nearly $10 billion buyout bid from Dollar General, saying it’s sticking with an agreement to merge with Dollar Tree for less money.
Family Dollar said in a statement that its board rejected the Dollar General bid “on the basis of antitrust regulatory considerations.”
The Dollar General bid, at $78.50 per Family Dollar share, topped the offer from Dollar Tree of $74.50 per share, or about $8.5 billion.
Family Dollar CEO Howard Levine said that the board’s decision was unanimous and reaffirmed support for the pending merger with Dollar Tree.
Dollar General was not immediately available for comment.