NEW YORK — Family Dollar Stores rejected an $8.9 billion takeover bill earlier this week from Dollar General, citing “significant antitrust issues” related to the offer, the New York Times reports.

As a result, Family Dollar has remained firm on its earlier $8.5 billion merger deal struck with Dollar Tree, another competitor.

The Times speculated that the takeover rebuff “sets up a potentially bruising battle for control of one of the country’s biggest dollar discount stores.”

Family Dollar CEO Howard Levine said Dollar General’s offer created unacceptable antitrust risk, brushing aside suggestions that he nixed the deal out of fear for his job. 

“Our board reviewed, with our advisers, all aspects of Dollar General’s proposal and unanimously concluded that it is not reasonably likely to be completed on the terms proposed,” Levine said. “Accordingly, our board rejects Dollar General’s proposal and reaffirms its support for the pending merger with Dollar Tree.”