Greenlight Urges Brighthouse to Proceed With Aquarian Deal

Greenlight Capital is urging the insurer Brighthouse Financial Inc. to proceed with a merger with rival Aquarian Holdings at around $70 per share, and said it would be open to participate in a “financing” of the company.

“We agree wholeheartedly that the time has come to sell the company,” Greenlight President David Einhorn said in a letter Monday to the Brighthouse board. “We believe selling the company at this price is in the best interests of all shareholders.” Greenlight has a stake of about 4.9% in the company, according to the letter.

A consortium led by Aquarian is in advanced ...