Your company has just been bought out and rumors are flying. The top brass says there’ll be no immediate changes. Colleagues tell you not to worry because highly paid upper management positions are the first to get the axe.

Don’t believe everything you hear.

In the aftermath of a takeover, a specific action plan is probably not even clear to the management team, says Kevin Steele, president of The Winter, Wyman Cos., a staffing firm in Waltham, Mass. “In many cases, in order to buy time, management will reassure their employees that they are safe and that no significant reductions are planned. Unfortunately, all too often, these promises get broken.”

One reason for management to buy time is that acquisitions and mergers are stressful and labor-intensive. Hiring freezes are common in any sort of takeover and employees often assume extra duties. It may behoove the company to keep you around until the dust settles and then show you the door. The company acquiring yours also needs time to identify redundancies in staffing, which inevitably lead to layoffs, and figure out which positions to eliminate in order to reduce costs.

“If you have a counterpart in the other company who is doing the exact same job, then you know it will be time for one of you to go,” says Roberta Chinsky Matuson, Human Resources Solutions, Northampton, Mass.

The positions most likely to be eliminated are in human resources, accounting and marketing, though if you’re considered a keeper, efforts might be made to reassign you to another department.

While employees with written contracts might have certain rights and entitlements following a buyout, the vast majority of workers are subject to a legal standard called at-will employment, which enables you to quit whenever you like but also means you can be fired at any time for no good reason.

“If your company is acquired, it is in your best interest to update your resume and send out feelers to members of your career network,” Steele says. “Feeling safe and complacent could cost you a jumpstart on a new job search.”

Don’t rely on your boss to give you the straight dope. Your boss might be out of the loop and might even be tagged for the first round of layoffs.

Keep in mind, however, that oozing pessimism and paranoia is no way to gain favor among the people who will decide your fate. Adopt a positive attitude. Try to stay focused on new and exciting challenges that might come your way and demonstrate that you support the goals of the corporation.

It helps to understand the reason for the acquisition or merger. For example, the acquiring company might be interested in taking ownership of your company’s product either because the buyer doesn’t have a similar one or because they do and want to eliminate the competition, thereby increasing sales. As for your company, the board of directors, shareholders or CEO might be seizing a last-resort solution to a serious challenge, such as poor financial performance or over-reliance on a single product. Whatever the case may be, knowing the reasons behind the buyout might help you keep your job or secure another position within the company. Offer ideas that reflect your understanding of the new business goals. You might be given an opportunity to share ideas right off the bat because frequently, employees of a bought-out company are asked to reapply and re-interview for the same positions they currently hold.

To increase the likelihood of keeping your job, treat each interaction with personnel from the acquiring company as an on-the-spot job interview and an opportunity to prove your enthusiasm and worth. If the acquiring company sends “scouts” to get the lay of the land, communicate to them how your business works without coming across as resistant to change. Telecommuters should start showing up at the office to meet new personnel and stay apprised of changes.

“Most employees cocoon when there’s a buyout, maybe because they’re afraid if they’re visible, the company will … decide they’re expendable,” says career coach Rich McGee of Stamford, Conn. “You should take a different tack and ask for more work. It will make you stand out from the pack.”