Like Dew said - if it was not tradable the deal would never be approved by shareholders given the current cash payment is considerably less than the stock was trading for. It doesn't cost all that much for them to make it tradable.
The market basically pretty much completely discounts non-tradeable CVRs - LEVP was good proof of that. For any fund it's just a big hassle that isn't worth the possible gain for them to take a non-tradeable CVR. (They have to value it and mark it to market each quarter and hassle with it when investors enter and exit the fund).
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