|[October 23, 2013]
Brogdon Family, LLC Announces Cancellation of Planned Tender Offer for Majority Interest in AdCare Health Systems
ATLANTA --(Business Wire)--
Brogdon Family, LLC ("Brogdon Family"), a Georgia limited liability
company owned in part by Christopher F. Brogdon, a Director of AdCare
Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA), today
announced that, effective immediately, it is canceling its planned
tender offer to acquire a majority interest in AdCare Health Systems,
Inc.. Brogdon Family had planned, subject to, among other things,
obtaining necessary financing, on acquiring at least a 55% interest, and
up to a 75% interest, in the outstanding common stock, on a
fully-diluted basi, of AdCare, at a cash purchase price of $8.00 per
share. However, failure to obtain the necessary financing has caused
Brogdon Family to cancel the planned tender offer.
Brogdon Family and its principals have been in the nursing home and
assisted living business for over 25 years and presently own over 50
nursing homes and 22 assisted living properties.
This release may contain "forward-looking statements" - that is,
statements that relate to future, not past, events. In this context,
forward-looking statements often address Brogdon Family's expected
future financial performance and financial condition, and often contain
words such as "expect," "anticipate," "intend," "plan," "believe,"
"seek," "see," or "will." Forward-looking statements by their nature
address matters that are, to different degrees, uncertain. Brogdon
Family assumes no obligation to update forward-looking statements
contained in this release as a result of new information or future
events or developments.
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