<p><em>概述認為私有化及傳聞中的交易符合所有股東的最佳利益</em></p>
<p>, /PRNewswire/ -- Greenlight Capital 及其附屬公司（統稱為 “Greenlight”），持有 Brighthouse Financial, Inc.（“Brighthouse” 或 “公司”）（NASDAQ: BHF）約 4.9% 的流通普通股，今天向 Brighthouse 的董事會（“董事會”）發送了一封信，鼓勵董事會繼續推進其報告中提到的評估戰略選擇的決定，接受 Aquarian Holdings 顯然提出的收購要約。</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>董事會</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>只需説 “是”。</p>
<p>如您所知，Greenlight Capital（連同其附屬公司，“我們” 或 “我們”）擁有 Brighthouse Financial, Inc.（“Brighthouse” 或 “公司”）約 4.9% 的流通股份。自 2017 年從 MetLife 分拆以來，我們一直是公司最大的股東之一和最耐心的支持者。</p>
<p>根據媒體報道，我們瞭解到，在過去幾個月中，公司一直在探索戰略選擇，包括出售公司，並且出現了一位可信的買家 Aquarian，提出了每股約 70 美元的最終現金報價。該報價較 9 月 18 日的收盤價溢價 55%，而該收盤價本身已經包含了相當多的收購猜測。</p>
<p>我們完全同意，現在是出售公司的時機。</p>
<p>我們認為以這個價格出售公司符合所有股東的最佳利益。在作為獨立實體的整個任期內，Brighthouse 一直讓投資者失望。在分拆時，公司以 56% 的賬面價值和 6.4 倍的 2018 年共識每股收益交易。八年後，儘管回購了 52% 的股份，Brighthouse 的交易價格僅為賬面價值的 32% 和 2026 年共識每股收益的 2.1 倍。截至 9 月 18 日，股價比分拆時低了 30%。</p>
<p>顯然，Brighthouse 沒有贏得公眾市場投資者的信任。會計信息顯得相當不透明，公司未能闡明吸引投資者的投資理由。在公司幾乎所有的歷史中，其股票都被大多數分析師評為中性或負面。沒有理由相信這些情況會改變。在我們看來，公司出售給私人投資者將更有利可圖，我們相信他們能夠更好地推動運營效率並優化投資組合。</p>
<p>因此，我們敦促董事會繼續推進其已開始的流程，與投標者進行建設性接觸，並迅速推進以完成此次交易。</p>
<p>我們認為報告中的報價非常可信，並且可以在幾乎沒有風險的情況下達成。事實上，如果向我提出一個令人信服的案例，我願意參與 Brighthouse 的融資，因為我堅信 Brighthouse 可以作為一傢俬人公司取得成功。我也對報告中投標者在之前保險公司收購中的成功印象深刻。</p>
<p>重要的是，沒有理由相信其他選擇，如資產出售、再保險交易或作為上市公司的新商業計劃，會為股東帶來比報告的交易價格更高的價值，尤其是在風險調整的基礎上。</p>
<p>Brighthouse 現在已經有八年時間在公共市場上取得成功，但未能做到。出售公司將使股東能夠實現即時和確定的價值，並獲得可觀的溢價，消除繼續維持現狀或冒險於未經驗證的新戰略或資本結構所固有的風險。我們相信大多數股東會歡迎這一結果。</p>
<p>董事會應及時和建設性地回應報告中的投標者，並果斷採取行動。如果董事會不以股東的最佳利益行事，應該預期 Greenlight Capital 將對此負責，至少在下次年度會議上給予股東更換整個董事會的選項。</p>
<p>為了透明起見，我們打算公開這封信。我們鼓勵董事會為 Brighthouse 及其所有利益相關者做出正確的決定，我們期待在必要時繼續與您溝通，以推動這一進程向前發展。</p>
<p>此致，</p>
<p>David Einhorn</p>
<p>總裁</p>
<p>Greenlight Capital</p>
<p><strong>關於 Greenlight Capital</strong></p>
<p>Greenlight Capital 是一家價值導向的投資公司，由 David Einhorn 於 1996 年創立，專注於通過嚴格的基本面分析識別被低估的上市公司。</p>
<p><strong>媒體聯繫人</strong></p>
<p>Jonathan Gasthalter</p>
<p>Gasthalter &amp; Co.</p>
<p>(212) 257-4170</p>
<p>來源：Greenlight Capital, Inc.</p>

Brighthouse金融

<p>Greenlight Capital 持有 Brighthouse Financial 約 4.9% 的股份，已敦促該公司董事會接受 Aquarian Holdings 提出的以每股 70 美元的價格私有化的報價，溢價達 55%。Greenlight 認為，出售公司符合股東的最佳利益，指出 Brighthouse 在公開市場上的表現不佳以及缺乏投資者信心。他們強調，當前的報價提供了顯著的控制溢價，而其他策略不太可能帶來更好的價值。如果董事會不採取符合股東利益的行動，Greenlight 打算追究其責任</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>概述認為私有化及傳聞中的交易符合所有股東的最佳利益</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 及其附屬公司（統稱為 “Greenlight”），持有 Brighthouse Financial, Inc.（“Brighthouse” 或 “公司”）（NASDAQ: BHF）約 4.9% 的流通普通股，今天向 Brighthouse 的董事會（“董事會”）發送了一封信，鼓勵董事會繼續推進其報告中提到的評估戰略選擇的決定，接受 Aquarian Holdings 顯然提出的收購要約。</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>董事會</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>只需説 “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（連同其附屬公司，“我們” 或 “我們”）擁有 Brighthouse Financial, Inc.（“Brighthouse” 或 “公司”）約 4.9% 的流通股份。自 2017 年從 MetLife 分拆以來，我們一直是公司最大的股東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>根據媒體報道，我們瞭解到，在過去幾個月中，公司一直在探索戰略選擇，包括出售公司，並且出現了一位可信的買家 Aquarian，提出了每股約 70 美元的最終現金報價。該報價較 9 月 18 日的收盤價溢價 55%，而該收盤價本身已經包含了相當多的收購猜測。</p>
</div><p>We agree wholeheartedly that the time has come to sell the Company.</p>
<div class="lb-trans"><p>我們完全同意，現在是出售公司的時機。</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>我們認為以這個價格出售公司符合所有股東的最佳利益。在作為獨立實體的整個任期內，Brighthouse 一直讓投資者失望。在分拆時，公司以 56% 的賬面價值和 6.4 倍的 2018 年共識每股收益交易。八年後，儘管回購了 52% 的股份，Brighthouse 的交易價格僅為賬面價值的 32% 和 2026 年共識每股收益的 2.1 倍。截至 9 月 18 日，股價比分拆時低了 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>顯然，Brighthouse 沒有贏得公眾市場投資者的信任。會計信息顯得相當不透明，公司未能闡明吸引投資者的投資理由。在公司幾乎所有的歷史中，其股票都被大多數分析師評為中性或負面。沒有理由相信這些情況會改變。在我們看來，公司出售給私人投資者將更有利可圖，我們相信他們能夠更好地推動運營效率並優化投資組合。</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，我們敦促董事會繼續推進其已開始的流程，與投標者進行建設性接觸，並迅速推進以完成此次交易。</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>我們認為報告中的報價非常可信，並且可以在幾乎沒有風險的情況下達成。事實上，如果向我提出一個令人信服的案例，我願意參與 Brighthouse 的融資，因為我堅信 Brighthouse 可以作為一傢俬人公司取得成功。我也對報告中投標者在之前保險公司收購中的成功印象深刻。</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，沒有理由相信其他選擇，如資產出售、再保險交易或作為上市公司的新商業計劃，會為股東帶來比報告的交易價格更高的價值，尤其是在風險調整的基礎上。</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 現在已經有八年時間在公共市場上取得成功，但未能做到。出售公司將使股東能夠實現即時和確定的價值，並獲得可觀的溢價，消除繼續維持現狀或冒險於未經驗證的新戰略或資本結構所固有的風險。我們相信大多數股東會歡迎這一結果。</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>董事會應及時和建設性地回應報告中的投標者，並果斷採取行動。如果董事會不以股東的最佳利益行事，應該預期 Greenlight Capital 將對此負責，至少在下次年度會議上給予股東更換整個董事會的選項。</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>為了透明起見，我們打算公開這封信。我們鼓勵董事會為 Brighthouse 及其所有利益相關者做出正確的決定，我們期待在必要時繼續與您溝通，以推動這一進程向前發展。</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>總裁</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>關於 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 是一家價值導向的投資公司，由 David Einhorn 於 1996 年創立，專注於通過嚴格的基本面分析識別被低估的上市公司。</p>
</div><p><strong>Media Contact</strong></p>
<div class="lb-trans"><p><strong>媒體聯繫人</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>來源：Greenlight Capital, Inc.</p>
</div>

Greenlight Capital 致信 Brighthouse 金融董事會，鼓勵其與傳聞中的收購方進行接觸 | BHF 股票新聞