In the current market, its not unusual to see companies acquired by another. What should employee of acquired company has to concern about is also important.
Typically when a larger company buys a smaller company it is because the smaller company has an asset that the larger company wants. The typical scenario is that the larger company takes over, integrates the acquired technology badly into their business and fires most of the better employees in the smaller company.
Management can pretty much do what ever they want. How they do it mostly depends on the type of take over. In many cases they eliminate whole departments which gives them the reason for laying off or firing workers - no longer a need for them. They can always open a new department with a different title but provides the same functions, just with new people. Not being a hostile take over, that may not be the case. Do you have reason to believe everyone is being let go? You may want to be getting your resume out there.
Companies do not “buy” employees. They either maintain or replace the human resources available to them. They are either disposable (especially if they are higher paid) or valuable to the company because of their skills.
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