Speaking as one who has been through three major takeover/mergers, you all have my fellow-feeling - on both sides of the fence. It can be ugly - but not always. MaxReheat identifies the core of the issue. The success of TUPE depends entirely on the integrity of the two companies involved - this is from personal (alarming) experience.
And cabingal, my heartfelt sympathy - I heard of my last takeover by text message too - the feeling of disbelief is hard to explain to those who haven't had their lives turned upside-down by a few words on a mobile phone screen.
My very best wishes to all of you - there are lots of us out here who have shared your experience .. and it seems that most of us have survived in the business, some (including me) to advantage. Good luck.