According to Variety.com, SAG rejected AMPTP final offer "on grounds the pact falls short in such areas as new media and DVD residuals, along with product integration and force majeure protections." The guild made several counteroffers but according to the report "the majors insisted they're done negotiating and that the final offer is indeed final."
According to Variety, "It's unclear what happens next. SAG's official rejection of the final offer and AMPTP's request for a membership vote sets the stage for a possible move by the majors to declare an impasse and impose the terms and conditions of the new offer."
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Source: Variety.com.