Dollar General outbids Dollar Tree for Family Dollar

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

NEW YORK (CNNMoney) — The low-price retailer is heating up: Dollar General made an all-cash bid of nearly $10 billion for Family Dollar, topping a deal Dollar Tree made last month.

Dollar General is bidding $78.50 per Family Dollar share, to total $9.7 billion.

Dollar General said the deal is superior to the $74.50 per share cash and stock offer Dollar Tree made last month. That deal has been valued at $8.5 billion.

Efforts to reach Family Dollar for comment were not immediately successful.

™ & © 2014 Cable News Network, Inc., a Time Warner Company. All rights reserved.