(UPDATED) According to documents filed with the SEC on Friday, Warner Music Group passed on an offer from the "Bidder B Consortium" 3% higher than the winning bid from Len Blavatnik's Access Industries. The offer came from Sony working along with Guggenheim Partners and Ron Perelman, according to Bloomberg. Sony offered $8.50 a share for WMG vs. the $8.25 that Access clinched the deal for. 

Sony’s offer had been contingent on the approval of its partners and board, according to sources, which may have been part of the reason that WMG chose to sell to Access.  It is also believed that the merger of two major music groups would face regulatory hurdles, particularly in the EU. But whatever their reasoning. the WMG is likely to face tough questions from shareholders, one of whom had already filed a lawsuit to block the sale.

According to SEC filings, WMG would have to pay Blavatnik’s Access Industries $56 million if the agreement is terminated and would be required to pay as much as $140 million if he fails to complete the deal.

Read the Friday's SEC filings here.