What law protects employees during an acquisition?

My company is in the process of being bought out. We all could be laid off. I'm a manager with this company. I heard thru the grapevine that there is a law that states that the new company has to give 60 days notice should they want to lay you off. Is this true, if so what is the name of the law?

Thank you in advance.

actually the WARN act only works if your company closes if you are being aquired then it does not apply, they can terminate you at will

Assuming you are in the US - I think you are thinking about "Worker Adjustment and Retraining Notification Act (WARN)"

http://www.dol.gov/compliance/guide/layoffs.htm

Note also that some states have their own rules also

Hello,,like our H.R. boss(Tom Herman) said,"rules were made to be broken", so laws are just there to fill up a blank piece of paper. If you have anything to lose ,,look for another job now before they surprise you!!LOCKED OUT AFTER KONGSBERG BOUGHT OUT TELEFLEX,,doom on you!!