There is always something a little doom laden about being bought or merging
If it's with a competitor then one of the two companies will probably shrink or change to doing something else, it may take time, and it's not always clear which one it will be but it happens eventually.
If you're being bought by a company that uses your technology then you end up feeling demoralised because you have to abandon many of your other customers. Again it may not happen immediately but your new owner will control the direction you take and that may not be a good direction for anyone but them.
If you're being bought by a company that has lots of vaguely connected enterprises that they are sure will benefit from your skills and technology then you'll both spend a frustrating few years discovering that their other stuff needs to be rewritten pretty much from scratch to use any substantial part of your code. Projects will be announced by senior management to do this, then other projects will be announced to re-implement your stuff pretty much from the ground up as that will make the previously announced projects much easier or possible completely unnecessary.
Eventually all of those projects will be abandoned because they will cost too much, and remove too many people from work on the existing code. At this point there may be some management reshuffling.
If you are taken over by somebody really big then they'll be able to fulfill all 3 above roles.
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Eventually all of those projects will be abandoned because they will cost too much, and remove too many people from work on the existing code. At this point there may be some management reshuffling.
Or maybe I'm getting too cynical.