i take it this guy never had business experience before?
Here's how most takeovers / buyouts work.
Offer of money from company.
Seller sells to said company.
Staff move across. Name moves across. Physical or virtual items move across.
Headcount is reduced (usually back office, then sales). Name gets merged, then dropped. Finally 99% of ther other stuff is either merged or dropped.
This could be an IT company or a coffee shop. This guy sold out (so would of I for that much money) so no point crying now.