The Globe and Mail reports in its Tuesday, Feb. 6, edition that National Bank Financial analyst Jaeme Gloyn has adjusted his rating for Tricon Residential in response to its $3.5-billion (U.S.) deal to be acquired by Blackstone, moving it to "tender" from "sector perform" with a $15.17 share target, up from $11 (all figures Canadian unless otherwise stated). The Globe's David Leeder writes that analysts on average target the shares at $12.42. Mr. Gloyn says in a note: "The deal includes a 'right to match' provision in favour of Blackstone such that Tricon pays a $123-million break fee and a $526-million reverse break fee in favour of Tricon if Blackstone were to terminate the deal. Both amounts represent substantial terms for another bidder to consider if one were to emerge. Additionally, the proposed takeout price of $11.25 (U.S.) is near the valuation range proposed by activist investor Land & Buildings. Therefore, we believe shareholders will be supportive of the transaction. The transaction is expected to close in Q2 and requires the approval of at least two thirds of votes cast by shareholders. We rate the shares 'tender' given the unanimous approval of the arrangement by the board and special committee."