I gave a deposit of $10,000 and signed an option contract with a franchisor for a franchise to open within 12 months or the contract was void. The franchisor failed to deliver and refuses to refund my deposit stating they sold that part of the company and the acquiring company was to assume all liabilities. This acquisition came after the 12 months and the acquiring company breached their purchase contract.
It would be helpful to know the context of the merger more fully.
Generally, if it is a true merger, the successor company is subject to all of the liabilities of all of the pre-merger companies and take all of the assets of the pre-merger companies, which is generally a good thing for a plaintiff who is aggrieved by either company, and the predecessor company no longer exists.
There are other ways of structuring an acquisition, but this looks like a merger than an acquisition of the assets of another company, at first blush.