The Globe and Mail reports in its Wednesday, Feb. 21, edition that Desjardins Securities analyst Jerome Dubreuil moved Think Research to a "tender" recommendation from "hold" following Friday's announcement of a definitive agreement to be acquired by Beedie Capital for 32 cents per share in an all-cash transaction. The Globe's David Leeder writes that Mr. Dubreuil slashed his share target by 28 cents to 32 cents from 60 cents to reflect the deal. Analysts on average target the shares at 41 cents. Mr. Dubreuil says in a note: "We believe Think Research has an attractive set of assets, but being part of a larger group should make it easier for the company to manage its debt and diverse set of operations; a focus on software and data solutions is required at this time, and the alleviation of the financial management burden should help management execute on its plan. Given the covenant breaches, lenders could technically have pulled the loans at any time. The 32 cents per share offer limits the upside but provides shareholders with immediate value and should be seen in the context of high financial risk." The Globe reported on May 3 that Mr. Dubreuil rated Think "hold" when it could be had for 40 cents.