Greenlight Capital Sends Letter to Board of Brighthouse Financial Encouraging Engagement with Reported Suitor
Greenlight Capital, owning 4.9% of Brighthouse Financial (NASDAQ: BHF), has sent a letter to BHF's Board urging them to accept a reported $70 per share cash offer from Aquarian Holdings, representing a 55% premium to the September 18 closing price.
David Einhorn's firm criticizes BHF's public market performance since its 2017 MetLife spin-off, noting the stock trades at just 32% of book value and 2.1x 2026 consensus EPS, with shares down 30% since the spin-out despite repurchasing 52% of shares. Greenlight threatens potential board replacement if directors don't act on the takeover offer.
Greenlight Capital, che detiene 4,9% di Brighthouse Financial (NASDAQ: BHF), ha inviato una lettera al Consiglio di BHF esortandolo ad accettare una presunta offerta in contanti di 70 dollari per azione da Aquarian Holdings, che rappresenta un premio del 55% rispetto al prezzo di chiusura del 18 settembre.
Lo studio di David Einhorn's firma critica la performance di BHF sul mercato pubblico dal suo spin-off di MetLife nel 2017, osservando che il titolo viene negoziato al solo 32% del valore contabile e a 2,1x l'EPS consensus 2026, con le azioni scese del 30% dallo spin-out nonostante il riacquisto del 52% delle azioni. Greenlight minaccia una possibile sostituzione del consiglio se i direttori non agiranno sull'offerta di acquisizione.
Greenlight Capital, que posee un 4,9% de Brighthouse Financial (NASDAQ: BHF), ha enviado una carta a la Junta de BHF instando a aceptar una oferta en efectivo reportada de 70 dólares por acción de Aquarian Holdings, que representa un premio del 55% respecto al cierre del 18 de septiembre.
La empresa de David Einhorn critica el rendimiento de BHF en el mercado público desde su spin-off de MetLife de 2017, señalando que la acción cotiza a solo el 32% del valor contable y a 2,1x el BPA consenso 2026, con las acciones caídas un 30% desde el spin-out a pesar del repurchase del 52% de las acciones. Greenlight amenaza con reemplazar la junta si los directores no actúan ante la oferta de adquisición.
Greenlight Capital은 4.9%의 Brighthouse Financial(NASDAQ: BHF) 지분을 보유하고 있으며, Aquarian Holdings의 주당 70달러 현금 제안을 BHF 이사회에 수용하도록 촉구하는 편지를 보냈습니다. 이는 9월 18일 종가에 비해 55% 프리미엄에 해당합니다.
데이비드 아이런혼(David Einhorn)의 회사는 2017년 MetLife 분사 이후 BHF의 공적 시장 실적을 비판하며, 주가가 장부가의 32%에 불과하고 2026년 컨센서스 EPS의 2.1배에 달하며, 분사 이후 주가가 30% 하락했음에도 주식의 52%를 되사 주었습니다. Greenlight는 이사회가 인수 제안에 조치를 취하지 않으면 이사 교체를 시사합니다.
Greenlight Capital, qui détient 4,9 % de Brighthouse Financial (NASDAQ: BHF), a envoyé une lettre au conseil d'administration de BHF l'incitant à accepter une prétendue offre en cash de 70 dollars par action d'Aquarian Holdings, représentant une prime de 55% par rapport au cours de clôture du 18 septembre.
Le cabinet de David Einhorn critique la performance publique de BHF sur le marché depuis sa scission MetLife en 2017, indiquant que l'action se négocie à seulement 32 % de la valeur comptable et à 2,1x le BPA consensus 2026, les actions ayant chuté de 30% depuis la scission malgré le rachat de 52% des actions. Greenlight menace d'un remplacement éventuel du conseil si les administrateurs ne réagissent pas à l'offre d'acquisition.
Greenlight Capital, das 4,9% von Brighthouse Financial (NASDAQ: BHF) besitzt, hat dem Vorstand von BHF einen Brief geschickt, in dem es sie auffordert, ein berichtetes Barangebot von 70 USD je Aktie von Aquarian Holdings anzunehmen, was 55% Premium gegenüber dem Schlusskurs vom 18. September bedeutet.
Die Firma von David Einhorn kritisiert die öffentliche Marktentwicklung von BHF seit dem MetLife-Split im Jahr 2017 und weist darauf hin, dass die Aktie nur 32% des Buchwerts handelt und 2,1x des Konsensus-EPS 2026 erreicht, wobei die Aktien seit dem Spin-off um 30% gefallen sind, obwohl der Aktienrückkauf 52% der Aktien umfasste. Greenlight droht mit einer möglichen Abberufung des Vorstands, falls die Direktoren dem Übernahmeangebot nicht nachkommen.
Greenlight Capital، التي تملك 4.9% من Brighthouse Financial (NASDAQ: BHF)، أرسلت رسالة إلى مجلس إدارة BHF تحثهم على قبول عرض نقدي مُبلغ عنه 70 دولارًا للسهم من Aquarian Holdings، وهو يمثل علاوة قدرها 55% مقارنةً بسعر الإغلاق في 18 سبتمبر.
تشكِّل شركة David Einhorn critiques أداء BHF في السوق العامة منذ فصل MetLife في 2017، مشيرة إلى أن السهم يتم تداوله عند 32% من قيمة الدفتر و2.1x consensus EPS 2026، وأن الأسهم انخفضت 30% منذ الفصل رغم إعادة شراء 52% من الأسهم. تهدد Greenlight باستبدال مجلس الإدارة إذا لم يتخذ المدراء إجراءات حيال عرض الاستحواذ.
Greenlight Capital 持有 Brighthouse Financial（纳斯达克代码：BHF）4.9% 的股份，已致函 BHF 董事会，敦促其接受 Aquarian Holdings 传闻中的每股70美元现金要约，相对于9月18日收盘价，存在55%的溢价。
David Einhorn 的公司批评自2017年 MetLife 分拆以来 BHF 在公开市场上的表现，指出该股仅以账面价值的32%交易，且以2026 年共识每股收益的 2.1 倍交易，尽管自分拆以来股价已下跌30%，但回购了52% 的股份。Greenlight 威胁如董事未就收购要约采取行动，将可能替换董事会成员。
- Reported acquisition offer of $70 per share in cash, representing 55% premium
- Potential for improved operational efficiency under private ownership
- Immediate and certain value realization for shareholders
- Credible buyer with successful track record in insurance acquisitions
- Stock price 30% lower than 2017 spin-off levels
- Trading at only 32% of book value, down from 56% at spin-off
- Persistent underperformance as a public company
- Opaque accounting and failure to attract investors
Insights
Greenlight Capital pressuring BHF board to accept Aquarian's $70/share takeover offer represents significant shareholder activism affecting BHF's future.
David Einhorn's Greenlight Capital is pushing Brighthouse Financial toward a potential sale, revealing activist pressure that could fundamentally alter the company's trajectory. The letter discloses a reported
This intervention follows what Greenlight characterizes as persistent underperformance since BHF's 2017 MetLife spin-off. Despite repurchasing
Einhorn's stance represents classic activist tactics, including the explicit threat to replace the entire board if directors don't pursue the Aquarian deal. His willingness to participate in financing the transaction adds credibility to the pressure campaign. This move demonstrates Greenlight's shift from "patient supporter" to aggressive activist, convinced that private ownership offers a better path forward than continued public market struggles.
For Brighthouse shareholders, this development creates a potential near-term catalyst after years of disappointment. The market will now focus intensely on the board's response and whether BHF directors pursue the reported Aquarian offer or attempt to maintain independence through alternative strategies that Greenlight explicitly dismisses as inferior.
This potential transaction has several compelling strategic dimensions. The
The acquisition rationale aligns with broader insurance industry trends where private capital has increasingly targeted public insurers trading below book value. Brighthouse presents a particularly attractive target given its substantial discount (
Aquarian Holdings appears strategically motivated given Brighthouse's scale and potential operational inefficiencies that could be addressed outside public markets. Private ownership would allow for portfolio optimization and simplified financial reporting without quarterly earnings pressure.
From a process perspective, this situation represents an advanced stage of negotiations. Greenlight's public pressure tactic suggests they believe the Board may be hesitating despite an attractive offer. The explicit threat of board replacement establishes concrete consequences for directors who might resist the transaction.
The disclosure that Einhorn would potentially participate in transaction financing is particularly notable—it indicates his strong conviction in Brighthouse's underlying value and removes a potential obstacle regarding deal funding certainty. This hybrid activist-buyer stance strengthens Greenlight's leverage in pushing for deal completion.
For Brighthouse shareholders, this represents a rare opportunity to exit a chronically underperforming position at a substantial premium, explaining Greenlight's aggressive stance in favor of the transaction.
Outlines Belief that Going Private, and the Rumored Transaction, are in the Best Interests of All Shareholders
The full text of Greenlight's letter is below.
September 22, 2025
Board of Directors
Brighthouse Financial, Inc.
11225 North Community House Road
Ladies and Gentlemen:
Just say "Yes".
As you know, Greenlight Capital (together with its affiliates, "we" or "us") owns approximately
Based on media reports, we understand that for the past several months, the Company has explored strategic alternatives, including a sale of the Company, and that one credible buyer, Aquarian, has emerged with a final bid of around
We agree wholeheartedly that the time has come to sell the Company.
We believe selling the Company at this price is in the best interests of all shareholders. Throughout its tenure as an independent entity, Brighthouse has been a perennial disappointment for investors. At the time of the spin-out, the Company traded at
It is clear that Brighthouse has not earned the confidence of public market investors. The accounting is notably opaque and the Company has failed to articulate an investment rationale to attract investors. For nearly all of the Company's history, its stock has been rated neutral or negative by most analysts. There is no reason to believe these things will change. In our view, the Company would be better off selling at a significant control premium to private investors, who we believe would be best positioned to drive operating efficiencies and optimize the portfolio.
We therefore urge the Board to follow through on the process it began, engage constructively with the bidder, and move forward expeditiously to close this transaction.
We consider the reported offer highly credible and one that can be consummated with little risk. In fact, if a compelling case were presented to me, I would be willing to participate in a Brighthouse financing, as I firmly believe that Brighthouse can succeed as a private company. I am also impressed with the reported bidder's success in previous insurance company acquisitions.
Importantly, there is no reason to believe that other alternatives, like asset sales, reinsurance transactions or a refreshed business plan as a public company will deliver value to shareholders that is greater than the reported deal price, and certainly not on a risk-adjusted basis.
Brighthouse has now had eight years to succeed in the public markets and it has failed to do so. A sale of the Company would allow shareholders to realize immediate and certain value at a substantial premium, and eliminate the risks inherent in persisting with the status quo or gambling on an unproven new strategy or capital structure. We believe most shareholders would welcome this outcome.
The Board should respond to the reported bidder in a timely and constructive manner and act decisively. If the Board does not act in the best interests of the shareholders, it should expect Greenlight Capital to hold them fully accountable, at a minimum, by giving shareholders an option to replace the entire Board at the next annual meeting.
In the interest of transparency, we intend to make this letter public. We encourage the Board to do the right thing for Brighthouse and all of its stakeholders, and we look forward to continuing to engage with you, as necessary, to progress this process forward.
Sincerely,
David Einhorn
President
Greenlight Capital
About Greenlight Capital
Greenlight Capital is a value-oriented investment firm founded by David Einhorn in 1996 that specializes in identifying undervalued public companies through rigorous fundamental analysis.
Media Contact
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Gasthalter & Co.
(212) 257-4170
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SOURCE Greenlight Capital, Inc.
FAQ
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