Duff & Phelps Advises Dover on Agreement to Be Acquired by Webster Capital

Dover Saddlery, Inc., the leading multichannel retailer of equestrian products in the United States, announced that it has entered into a definitive merger agreement under which a company formed by Webster Capital will acquire all of the outstanding shares of Dover common stock for $8.50 per share in cash and take Dover private. At closing, all in-the-money stock options and warrants will be cashed out. Webster is partnering with QIC, one of Webster's largest institutional investors, to provide equity financing. The Dover Board of Directors has unanimously approved the merger agreement and recommended that Dover's stockholders vote to approve the transaction.

The offer represents a significant premium over Dover's current share price. The transaction is expected to close in the second quarter of fiscal 2015, subject to customary closing conditions, including stockholder approval.

Duff & Phelps, LLC and Piper Jaffray & Co. are acting as financial co-advisors to Dover in the transaction, and Preti, Flaherty, Beliveau & Pachios, Chartered, LLP and Bartlit Beck Herman Palenchar & Scott LLP are acting as Dover's legal advisors. Goodwin Procter LLP is acting as Webster's legal advisor.

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