Deny plugin activation

I am currently working on two plugins. One is intended for public use and the other is will be a private member plugin built on top of the public one with extra features.

I would like to my plugins to check to see if either of the other plugin is currently activated, if so do not allow the plugin to be activated until the other is deactivated.

Initially, I was thinking of setting an option which I could check in the activation hook. At that point I am not sure how to stop the activation of the plugin if the option has not been reset.

If there is a better or easier way, I am open to suggestions.