Contingent Value Rights (CVR) are a type of rights that are given to shareholders of a target company by the acquirer in a business transaction. These CVRs are also known as contingent consideration in some instances. These rights stipulate that, in exchange for a specific performance event being met, within a specific time frame, a shareholder will receive certain benefits from the acquirer.

Typically, the benefits that a shareholder is entitled to will be of a monetary nature. These benefits can take the form of additional stock, cash pay-outs or dividends. However, unlike other unsecured obligations, CVRs don't guarantee a cash payout, nor are they backed by any collateral.

CVRs are usually independent of any given stock exchange and are non-transferrable. However, they can be listed on an exchange and traded by shareholders. This means that, if it is deemed viable in terms of returns, shareholders can also sell their CVRs, again usually in exchange for a monetary benefit.

In summary, Contingent Value Rights (CVRs) are rights assigned to shareholders of a target company by an acquirer, which entitle these shareholders to a predetermined monetary benefit if a predetermined event is met within a defined time frame. These CVRs are not secured or collateralised, but can be transferable and traded on an exchange like other equity instruments.