My skeptic side says you should expect either to be found misbehaving severely or for the company that got bought to "go bankrupt" in some form.

> What should I expect

Certainly you can expect yourself and your peers to be fired. I don't think laws matter - Idera has reportedly fired entire teams in the past in countries with similar laws. I recall hearing of two times that has supposedly happened. In those cases, the employees did not band together. Perhaps that's the advice: do so. Find a collective lawyer. Advertise and promote the company's activities towards you; make their actions publicly clear. HN here is a good place. Do everything you can.

What country is this? You can only fire an employee if he misbehaves or company goes bankrupt ? Wtf? What if the employee is a bad fit? What if they trying to replace with soemeone better????

Italy. Factually it is like that, the law was meant to protect against unfair dismissal but over the years it has become quite clear that if you work all the time you're meant to, and you don't intentionally harm the company (or its business) you're very unlikely to be fired. And if you are, you can sue the company and AFAIK most of the times (I have no direct experience though) you are likely to win.

This law has been modified and partially canceled in 2014-2015, but people that has been hired before that date still benefits of this law.

EDIT: Look at third page (numbered 70), second column half way, to get a better explanation. https://preserve.lehigh.edu/cgi/viewcontent.cgi?referer=http...

You should research European labor law.

Usually every employee has a trial period of 3 to 6 months during which you can fire them more or less at will. But once this trial period has passed, you're stuck with them for life (or bankruptcy/misbehaviour)