"We made a seven-figure offer that would have seen him earn around double that of the first. Disappointingly, George rejected this," said Froch.
Groves replied: "The offer came with many stipulations and options I felt were unsatisfactory."
The 25-year-old continued in a statement: "I am unsure why Carl Froch has released a statement implying I do not wish to take the fight, as I was under the impression we are still in negotiations.
Stoppage was unjust - Groves
"I am currently awaiting an improved offer from his promoter, as well as speaking to other promoters interested in promoting this fight.
"If I didn't want to fight Carl Froch, then I wouldn't have invested so much time and money into appealing with the IBF over the dubious outcome of the first fight. And I await the outcome of that hearing in the very near future."
Froch will instead aim to arrange a fight with Mexico's Julio Cesar Chavez Jnr.
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