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.
Lenovo representatives didn't immediately respond to calls seeking comment.
Reports of Positivo's acquisition attempts emerged earlier this week, when media outlets reported that Lenovo and Dell were bidding to acquire Positivo. At the time, a Positivo spokesman in Brazil declined comment, but issued a statement saying the company would consider proposals beneficial for its shareholders. Lenovo and Dell representatives declined comment on the "speculation."
Positivo's acquisition could give Lenovo traction in the emerging Brazilian market, where PC shipments are expected to grow at a healthy rate despite the global economic downturn.
To better compete with Dell and Hewlett-Packard, Lenovo may also be talking to Fujitsu, which is looking to sell off its Fujitsu-Siemens retail PC operations in Europe. Fujitsu declined comment about negotiations with Lenovo, but said it is looking to exit the low-value PC market.