Major Shareholder Greenlight Capital Backs Aquarian's $70-Per-Share Bid for Brighthouse Financial

Greenlight Capital Signals Strong Support for Going Private

Greenlight Capital, which holds roughly 4.9% of Brighthouse Financial’s outstanding shares, has publicly endorsed Aquarian Holdings’ acquisition offer valuing the financial services company at $70 per share in cash. The investment firm, which has maintained its position since the company’s 2017 spinoff from MetLife, believes the transaction represents a compelling opportunity for all shareholders to exit at a meaningful premium.

Eight Years of Underperformance in Public Markets

The case for accepting the deal rests on Brighthouse Financial’s disappointing track record as a standalone public company. Despite aggressive share buybacks that reduced share count by 52%, the company’s valuation multiples have compressed significantly over the past eight years. At the 2017 spinoff, Brighthouse traded at 56% of book value with a 6.4x price-to-earnings multiple on 2018 consensus estimates. Today, the company sits at just 32% of book value and 2.1x forward 2026 earnings—a clear deterioration despite eight years of capital returns to shareholders.

On September 18, 2025, Brighthouse’s stock closed at levels 30% below its original spinoff pricing, underscoring the market’s persistent skepticism. The $70 offer represents a 55% premium to that closing price, providing immediate and certain value after years of stagnation.

Why Going Private Makes Sense

Greenlight Capital’s analysis suggests that a private ownership structure would unlock operational opportunities unavailable within public market constraints. The investment firm points to Aquarian’s successful track record in insurance company acquisitions as evidence of execution capability. Private investors, the argument goes, can implement cost efficiencies and portfolio optimization strategies that might be constrained by quarterly earnings pressures and analyst expectations.

The company’s stock has traded on analyst skepticism for nearly its entire history—most coverage carries neutral or negative ratings with little indication this sentiment will shift. The accounting framework has also drawn criticism for opacity, and management has struggled to articulate a compelling investment narrative.

Limited Alternatives Deliver Inferior Risk-Adjusted Returns

Greenlight Capital dismisses alternative strategies—asset sales, reinsurance transactions, or a revitalized business plan as a public company—as unlikely to generate shareholder value exceeding the reported bid price on a risk-adjusted basis. After eight years in public markets without demonstrating investor confidence, persisting with the status quo introduces execution risk without corresponding upside potential.

Board Accountability and Timeline

The shareholder has made clear expectations: the Board should engage constructively with the bidder and move expeditiously toward transaction close. Failure to act in shareholders’ best interests could trigger governance consequences at the next annual meeting, according to Greenlight Capital’s letter.

The firm considers the offer “highly credible” and expressly stated willingness to participate in acquisition financing—a signal of confidence in the transaction’s viability and the bidder’s capabilities.