谢谢！很受用
十分感谢

Let's say in a stock transaction of a specific M&A, the CVRs (contingent value rights) guarantee some future value if the acquirer's shares that were given in exchange for the target's shares fall below some agreed upon threshold.

One innovative use of CVRs was Viacom's 1994 offer for QVC which provided for the sellers to receive the difference between VIacom's stock price at closing and ＄48. At the time of the offer Viacom's stock price was ＄40. If a seller believes that its stock is undervalued and will rise in value in the foreseeable future, it may offer a CVR as a way of guaranteeing this. Buyers may possess asymmetric information on the possible future value of their stock that sellers do not have.