Associated Press | Shares of Pactiv Corp. fell Tuesday as reports surfaced that the maker of Hefty trash bags is not close to a buyout deal.

Shares have soared in recent weeks on reports that several companies, including investment firm Apollo Global Management, wanted to make a bid. The stock jumped 35 percent from $22.10 on May 6 to peak at a 52-week high of $29.88 on May 19.