In almost all mergers the management of the worse comapny ends up winning, provided there was no loopsided difference in size. The thing is, since those executive were not good at creating product, they are more likely to be good at politics and hence they end up overtaking management of the new combined company, even if their company was the smaller one.
A good series of examples is in the book "Barbarians at the Gate", chronicling the career of F Ross Johnson. His company would get acquired and then he and his folks would outmanoeuvre the acquiring company management.
