Webster Capital to purchase Dover Saddlery and take company private

Littleton, Mass. - Dover Saddlery Inc. entered into a definitive merger agreement with a company formed by Webster Capital. Webster 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 its 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 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.



"We are very pleased that the merger agreement we have negotiated with Webster will, upon closing, produce tremendous value for our shareholders,” said Stephen L. Day, CEO and chairman of the board of Dover. “As the leading omnichannel retailer in the equestrian industry, we are excited and looking forward to partnering with Webster to grow our retail store base and pursue other exciting expansion plans.”