Family Dollar rejects bid from Dollar General

Family Dollar rejected a $10 billion bid from Dollar General and is sticking with its plans to merge with Dollar Tree.

NEW YORK (CNNMoney)

Family Dollar (FDO) said in a statement that its board rejected the Dollar General bid "on the basis of antitrust regulatory considerations."

The Dollar General (DG) bid, at $78.50 per Family Dollar share, topped the offer from Dollar Tree (DLTR) of $74.50 per share, or about $8.5 billion.

Also, Dollar General offered all cash, as opposed to Dollar Tree's offer combo of cash and stock.

Related: Dollar General outbids Dollar Tree for Family Dollar

Family Dollar CEO Howard Levine said that the board's decision was unanimous and reaffirmed support for its pending merger with Dollar Tree.

A spokeswoman for Dollar General declined comment. The company's stock dipped on the news.

All three of the chains specialize in low-cost consumers goods.

Dollar General calls itself the largest discount retailer in the U.S., with more than 11,000 stores in 40 states.

First Published: August 21, 2014: 8:52 AM ET

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