Arconic said on Tuesday it was no longer pursuing a sale of the company, after media reports said a private-equity firm was looking to buy the company for more than $10 billion, sending its shares down 27 percent before the bell.
"We did not receive a proposal for a full-company transaction that we believe would be in the best interests of Arconic's shareholders and other stakeholders," Arconic Chairman John Plant said in a statement.
Private-equity firm Apollo Global Management was reported to have offered between $21 and $22 per share for Arconic.
Up to Friday's close, Arconic shares had risen about 17 percent since July 13, when it was first reported that the company was drawing takeover interest from private equity firms.
Shares of Arconic, which counts world's top planemakers Boeing and Airbus among its customers, fell to $14.89.