AMF turned down an Irwin L. Jacobs proposal.

AMF Inc. said it rejected the Minneapolis financier’s proposal for a transaction involving the company or its Hatteras Yacht division. The terse statement issued by the leisure products and industrial technology company did not disclose details of Jacobs’ proposal. Rocco V. Portanova, an AMF spokesman, refused to elaborate. But a day earlier, Jacobs said that his Minstar Inc. held stock or options equivalent to 5.7% of AMF’s stock and that he intended to buy as much as 50% of the company. There has been speculation on Wall Street that Jacobs is interested in exchanging his stock for AMF’s Hatteras business.