Rather they make decisions based on the specific circumstances. About the only consistent thing I've seen with takeovers is layoffs, since there will be redundancies.
Agreed. This means that if you are only a so-so developer (or any so-so employee), it doesn't matter if you came from the company that did the takeover or the company that get taken over -- you are at risk.
As for the great employees, it doesn't really matter either. If the newly formed company doesn't recognize the talent, it is their lost -- as great employees generally have much better options to leave anyway.
Henry