Greenlight Capital, a significant shareholder owning approximately 4.9% of Brighthouse Financial's common stock, sent a letter to the Board of Directors on September 22, 2025. The letter urged the Board to accept the reported offer from Aquarian Holdings of around $70 per share in cash.
Greenlight Capital expressed its belief that selling the company at this price is in the best interests of all shareholders. The firm highlighted Brighthouse Financial's disappointing performance as a public entity, noting its current trade at 32% of book value compared to 56% at its 2017 spin-out, and a share price 30% lower than at spin-out.
David Einhorn, President of Greenlight Capital, stated that the reported offer is highly credible and can be consummated with little risk. He also indicated a willingness to participate in a Brighthouse financing if a compelling case were presented for its success as a private company. Greenlight Capital emphasized that other alternatives are unlikely to deliver greater value to shareholders on a risk-adjusted basis.
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