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Brogdon Family cancels planned tender offer for majority interest in AdCare

Brogdon Family, a Georgia limited liability company owned in part by Christopher F. Brogdon, a Director of AdCare Health Systems, announced that, effective immediately, it is canceling its planned tender offer to acquire a majority interest in AdCare Health Systems. 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 basis, 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.