The correct answer is "He did not like it, and refused to sign the bill into law."
The Wade-Davis Bill was passed by Congress in 1864. However, it was never signed into law since Lincoln pocket vetoed the law. He felt that this bill was too harsh on Confederate States who were trying to rejoin the US.
Instead, he advocated for his Ten Percent Plan, which would allow the Confederate States to become part of the US again as long as 10% of citizens voted on taking a loyalty oath to ensure that they would never secede from the Union again.