<p><em>概述认为私有化及传闻中的交易符合所有股东的最佳利益</em></p>
<p>, /PRNewswire/ -- Greenlight Capital 及其附属公司（统称为 “Greenlight”），持有 Brighthouse Financial, Inc.（“Brighthouse” 或 “公司”）（NASDAQ: BHF）约 4.9% 的流通普通股，今天向 Brighthouse 的董事会（“董事会”）发送了一封信，鼓励董事会继续推进其报告中提到的评估战略选择的决定，接受 Aquarian Holdings 显然提出的收购要约。</p>
<p><img src="https://imageproxy.pbkrs.com/https://mma.prnewswire.com/media/2778668/Greenlight_Capital_Logo.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://mma.prnewswire.com/media/2778668/Greenlight_Capital_Logo.jpg"/></p>
<p>Greenlight 的信件全文如下。</p>
<p>2025 年 9 月 22 日</p>
<p>董事会</p>
<p>Brighthouse Financial, Inc.</p>
<p>11225 North Community House Road</p>
<p>Charlotte, NC 28277</p>
<p>尊敬的各位：</p>
<p>只需说 “是”。</p>
<p>如您所知，Greenlight Capital（连同其附属公司，“我们” 或 “我们”）拥有 Brighthouse Financial, Inc.（“Brighthouse” 或 “公司”）约 4.9% 的流通股份。自 2017 年从 MetLife 分拆以来，我们一直是公司最大的股东之一和最耐心的支持者。</p>
<p>根据媒体报道，我们了解到，在过去几个月中，公司一直在探索战略选择，包括出售公司，并且出现了一位可信的买家 Aquarian，提出了每股约 70 美元的最终现金报价。该报价较 9 月 18 日的收盘价溢价 55%，而该收盘价本身已经包含了相当多的收购猜测。</p>
<p>我们完全同意，现在是出售公司的时机。</p>
<p>我们认为以这个价格出售公司符合所有股东的最佳利益。在作为独立实体的整个任期内，Brighthouse 一直让投资者失望。在分拆时，公司以 56% 的账面价值和 6.4 倍的 2018 年共识每股收益交易。八年后，尽管回购了 52% 的股份，Brighthouse 的交易价格仅为账面价值的 32% 和 2026 年共识每股收益的 2.1 倍。截至 9 月 18 日，股价比分拆时低了 30%。</p>
<p>显然，Brighthouse 没有赢得公众市场投资者的信任。会计信息显得相当不透明，公司未能阐明吸引投资者的投资理由。在公司几乎所有的历史中，其股票都被大多数分析师评为中性或负面。没有理由相信这些情况会改变。在我们看来，公司出售给私人投资者将更有利可图，我们相信他们能够更好地推动运营效率并优化投资组合。</p>
<p>因此，我们敦促董事会继续推进其已开始的流程，与投标者进行建设性接触，并迅速推进以完成此次交易。</p>
<p>我们认为报告中的报价非常可信，并且可以在几乎没有风险的情况下达成。事实上，如果向我提出一个令人信服的案例，我愿意参与 Brighthouse 的融资，因为我坚信 Brighthouse 可以作为一家私人公司取得成功。我也对报告中投标者在之前保险公司收购中的成功印象深刻。</p>
<p>重要的是，没有理由相信其他选择，如资产出售、再保险交易或作为上市公司的新商业计划，会为股东带来比报告的交易价格更高的价值，尤其是在风险调整的基础上。</p>
<p>Brighthouse 现在已经有八年时间在公共市场上取得成功，但未能做到。出售公司将使股东能够实现即时和确定的价值，并获得可观的溢价，消除继续维持现状或冒险于未经验证的新战略或资本结构所固有的风险。我们相信大多数股东会欢迎这一结果。</p>
<p>董事会应及时和建设性地回应报告中的投标者，并果断采取行动。如果董事会不以股东的最佳利益行事，应该预期 Greenlight Capital 将对此负责，至少在下次年度会议上给予股东更换整个董事会的选项。</p>
<p>为了透明起见，我们打算公开这封信。我们鼓励董事会为 Brighthouse 及其所有利益相关者做出正确的决定，我们期待在必要时继续与您沟通，以推动这一进程向前发展。</p>
<p>此致，</p>
<p>David Einhorn</p>
<p>总裁</p>
<p>Greenlight Capital</p>
<p><strong>关于 Greenlight Capital</strong></p>
<p>Greenlight Capital 是一家价值导向的投资公司，由 David Einhorn 于 1996 年创立，专注于通过严格的基本面分析识别被低估的上市公司。</p>
<p><strong>媒体联系人</strong></p>
<p>Jonathan Gasthalter</p>
<p>Gasthalter &amp; Co.</p>
<p>(212) 257-4170</p>
<p>来源：Greenlight Capital, Inc.</p>

Brighthouse金融

<p>Greenlight Capital 持有 Brighthouse Financial 约 4.9% 的股份，已敦促该公司董事会接受 Aquarian Holdings 提出的以每股 70 美元的价格私有化的报价，溢价达 55%。Greenlight 认为，出售公司符合股东的最佳利益，指出 Brighthouse 在公开市场上的表现不佳以及缺乏投资者信心。他们强调，当前的报价提供了显著的控制溢价，而其他策略不太可能带来更好的价值。如果董事会不采取符合股东利益的行动，Greenlight 打算追究其责任</p>

<p><em>Outlines Belief that Going Private, and the Rumored Transaction, are in the Best Interests of All Shareholders</em></p>
<div class="lb-trans"><p><em>概述认为私有化及传闻中的交易符合所有股东的最佳利益</em></p>
</div><p>, /PRNewswire/ -- Greenlight Capital and its affiliates (collectively, &#34;Greenlight&#34;), holders of approximately 4.9% of the outstanding common stock of Brighthouse Financial, Inc. (&#34;Brighthouse&#34; or the &#34;Company&#34;) (NASDAQ: BHF) today sent a letter to the Board of Directors of Brighthouse (the &#34;Board&#34;), encouraging the Board to follow-through on its reported decision to evaluate strategic alternatives by accepting the offer that has apparently been made for the Company by Aquarian Holdings.</p>
<div class="lb-trans"><p>, /PRNewswire/ -- Greenlight Capital 及其附属公司（统称为 “Greenlight”），持有 Brighthouse Financial, Inc.（“Brighthouse” 或 “公司”）（NASDAQ: BHF）约 4.9% 的流通普通股，今天向 Brighthouse 的董事会（“董事会”）发送了一封信，鼓励董事会继续推进其报告中提到的评估战略选择的决定，接受 Aquarian Holdings 显然提出的收购要约。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://mma.prnewswire.com/media/2778668/Greenlight_Capital_Logo.jpg" alt="" original-src="https://mma.prnewswire.com/media/2778668/Greenlight_Capital_Logo.jpg"/></p>
<p>The full text of Greenlight's letter is below.</p>
<div class="lb-trans"><p>Greenlight 的信件全文如下。</p>
</div><p>September 22, 2025</p>
<div class="lb-trans"><p>2025 年 9 月 22 日</p>
</div><p>Board of Directors</p>
<div class="lb-trans"><p>董事会</p>
</div><p>Brighthouse Financial, Inc.</p>
<div class="lb-trans"><p>Brighthouse Financial, Inc.</p>
</div><p>11225 North Community House Road</p>
<div class="lb-trans"><p>11225 North Community House Road</p>
</div><p>Charlotte, NC 28277</p>
<div class="lb-trans"><p>Charlotte, NC 28277</p>
</div><p>Ladies and Gentlemen:</p>
<div class="lb-trans"><p>尊敬的各位：</p>
</div><p>Just say &#34;Yes&#34;.</p>
<div class="lb-trans"><p>只需说 “是”。</p>
</div><p>As you know, Greenlight Capital (together with its affiliates, &#34;we&#34; or &#34;us&#34;) owns approximately 4.9% of the outstanding shares of Brighthouse Financial, Inc. (&#34;Brighthouse&#34; or the &#34;Company&#34;). We have been one of the Company's largest shareholders and most patient supporters since its spin-out from MetLife in 2017.</p>
<div class="lb-trans"><p>如您所知，Greenlight Capital（连同其附属公司，“我们” 或 “我们”）拥有 Brighthouse Financial, Inc.（“Brighthouse” 或 “公司”）约 4.9% 的流通股份。自 2017 年从 MetLife 分拆以来，我们一直是公司最大的股东之一和最耐心的支持者。</p>
</div><p>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 $70 per share in cash. This bid represents a 55% premium to the closing price on September 18, which itself already incorporated a fair amount of takeover speculation.</p>
<div class="lb-trans"><p>根据媒体报道，我们了解到，在过去几个月中，公司一直在探索战略选择，包括出售公司，并且出现了一位可信的买家 Aquarian，提出了每股约 70 美元的最终现金报价。该报价较 9 月 18 日的收盘价溢价 55%，而该收盘价本身已经包含了相当多的收购猜测。</p>
</div><p>We agree wholeheartedly that the time has come to sell the Company.</p>
<div class="lb-trans"><p>我们完全同意，现在是出售公司的时机。</p>
</div><p>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 56% of book value and 6.4x consensus 2018 EPS. Eight years later, despite repurchasing 52% of its shares, Brighthouse trades at just 32% of book value and 2.1x 2026 consensus EPS. As of September 18, the share price was 30% lower than it was at the time of the spin-out.</p>
<div class="lb-trans"><p>我们认为以这个价格出售公司符合所有股东的最佳利益。在作为独立实体的整个任期内，Brighthouse 一直让投资者失望。在分拆时，公司以 56% 的账面价值和 6.4 倍的 2018 年共识每股收益交易。八年后，尽管回购了 52% 的股份，Brighthouse 的交易价格仅为账面价值的 32% 和 2026 年共识每股收益的 2.1 倍。截至 9 月 18 日，股价比分拆时低了 30%。</p>
</div><p>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.</p>
<div class="lb-trans"><p>显然，Brighthouse 没有赢得公众市场投资者的信任。会计信息显得相当不透明，公司未能阐明吸引投资者的投资理由。在公司几乎所有的历史中，其股票都被大多数分析师评为中性或负面。没有理由相信这些情况会改变。在我们看来，公司出售给私人投资者将更有利可图，我们相信他们能够更好地推动运营效率并优化投资组合。</p>
</div><p>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.</p>
<div class="lb-trans"><p>因此，我们敦促董事会继续推进其已开始的流程，与投标者进行建设性接触，并迅速推进以完成此次交易。</p>
</div><p>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.</p>
<div class="lb-trans"><p>我们认为报告中的报价非常可信，并且可以在几乎没有风险的情况下达成。事实上，如果向我提出一个令人信服的案例，我愿意参与 Brighthouse 的融资，因为我坚信 Brighthouse 可以作为一家私人公司取得成功。我也对报告中投标者在之前保险公司收购中的成功印象深刻。</p>
</div><p>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.</p>
<div class="lb-trans"><p>重要的是，没有理由相信其他选择，如资产出售、再保险交易或作为上市公司的新商业计划，会为股东带来比报告的交易价格更高的价值，尤其是在风险调整的基础上。</p>
</div><p>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.</p>
<div class="lb-trans"><p>Brighthouse 现在已经有八年时间在公共市场上取得成功，但未能做到。出售公司将使股东能够实现即时和确定的价值，并获得可观的溢价，消除继续维持现状或冒险于未经验证的新战略或资本结构所固有的风险。我们相信大多数股东会欢迎这一结果。</p>
</div><p>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.</p>
<div class="lb-trans"><p>董事会应及时和建设性地回应报告中的投标者，并果断采取行动。如果董事会不以股东的最佳利益行事，应该预期 Greenlight Capital 将对此负责，至少在下次年度会议上给予股东更换整个董事会的选项。</p>
</div><p>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.</p>
<div class="lb-trans"><p>为了透明起见，我们打算公开这封信。我们鼓励董事会为 Brighthouse 及其所有利益相关者做出正确的决定，我们期待在必要时继续与您沟通，以推动这一进程向前发展。</p>
</div><p>Sincerely,</p>
<div class="lb-trans"><p>此致，</p>
</div><p>David Einhorn</p>
<div class="lb-trans"><p>David Einhorn</p>
</div><p>President</p>
<div class="lb-trans"><p>总裁</p>
</div><p>Greenlight Capital</p>
<div class="lb-trans"><p>Greenlight Capital</p>
</div><p><strong>About Greenlight Capital</strong></p>
<div class="lb-trans"><p><strong>关于 Greenlight Capital</strong></p>
</div><p>Greenlight Capital is a value-oriented investment firmfounded by David Einhorn in 1996 that specializes in identifying undervalued public companies through rigorous fundamental analysis.</p>
<div class="lb-trans"><p>Greenlight Capital 是一家价值导向的投资公司，由 David Einhorn 于 1996 年创立，专注于通过严格的基本面分析识别被低估的上市公司。</p>
</div><p><strong>Media Contact</strong></p>
<div class="lb-trans"><p><strong>媒体联系人</strong></p>
</div><p>Jonathan Gasthalter</p>
<div class="lb-trans"><p>Jonathan Gasthalter</p>
</div><p>Gasthalter &amp; Co.</p>
<div class="lb-trans"><p>Gasthalter &amp; Co.</p>
</div><p>(212) 257-4170</p>
<div class="lb-trans"><p>(212) 257-4170</p>
</div><p>SOURCE Greenlight Capital, Inc.</p>
<div class="lb-trans"><p>来源：Greenlight Capital, Inc.</p>
</div>

Greenlight Capital 致信 Brighthouse 金融董事会，鼓励其与传闻中的收购方进行接触 | BHF 股票新闻