Family Dollar has rejected a revised $9.1 billion offer from Dollar General on the grounds that the deal would be unlikely to survive antitrust review by the Federal Trade Commission.

Instead, Family Dollar will proceed with an $8.5 billion dollar merger with smaller competitor Dollar Tree.

“There is a very real and material risk that the transaction proposed by Dollar General would fail to close, after a lengthy and disruptive review process,” Family Dollar CEO Howard Levine told Business Wire. “Accordingly, our Board has rejected Dollar General’s revised proposal.”

This rejection marks the second time Family Dollar’s Board has spurned a takeover bid from Dollar General. Antitrust concerns were cited the first time as well, prompting Dollar General to add add measures to this recent offer aimed at allaying such concerns, such as a $500 million reverse termination fee and a pledge to divest up to 1,500 stores, the New York Times reports.

But these measures were insufficient to bring around Family Dollar’s Board.

“Dollar General’s revised proposal…does not eliminate regulatory risk for Family Dollar shareholders,” Family Dollar Director and Co-Founder Ed Garden told Business Wire. “Dollar General has repeatedly stated that antitrust is not a risk, yet they have put forth proposals that require Family Dollar shareholders to bear the ultimate risk.”

Dollar Tree, meanwhile, solidified its bid by committing to what is known as a “hell or high water” provision, in which the retailer pledged to sell as many stores as necessary to ensure that the deal passes regulatory muster.

According to Bloomberg, the Family Dollar – Dollar Tree merger will bring together the market’s number two and number three companies, creating a rival that could potentially unseat Dollar General as the market leader.