Lenovo offered 18,00 Brazilian Reals (US$7.70) per share to acquire a majority stake, but an agreement couldn't be reached as it wasn't in the best interest of Positivo's shareholders, said Duda Salvato, a company spokesman said.

However, Positivo is open to an alliance with Lenovo or other PC makers, Salvato said. Such an alliance could be aimed at PC distribution, for instance.

Lenovo is on a shopping spree for PC makers, taking advantage of a stagnant worldwide market to expand its global presence. However, Positivo has not received another offer from Lenovo, Salvato said. Positivo also seems to have shut down the idea of continuing negotiations with the Chinese PC vendor.

"There is no expectation of negotiations with Lenovo for the amendment of the terms of the offer or any other transaction that could result in the acquisition of control of ... [Positivo] by Lenovo," said Ariel Szwarc, head of investor relations at Positivo, in a statement Wednesday.

Positivo Informatica to be one of the top PC makers in Brazil with a 13.2 percent share of PC units shipped in the third quarter of 2008.