M&A Activity -- Expect a Surge in Mergers

A "Term Sheet" is a 1-3 page document that sets forth the economic terms and conditions of a buyer's offer to a seller. It is non-binding and can contain some non-economic terms and conditions. It is intended to reach a price understanding with a seller early on so as to avoid the legal expense of more costly, later stage documents and wasted time if the two parties cannot agree to economic value for the company.