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Yes. Make sure you do everything in your power to show and prove you are excellent in your current position, but could easily do another job.
It doesn't hurt to look. Until you get a clear understanding on what the merger means to your role, I wouldn't accept any offers just yet.
Absolutely brush up your resume and start looking. Do not wait for someone else to decide on your career. I went thru a recent acquisition where the new VP was extremely insecure and quickly identified me as a threat. I trusted my intuition and started looking. Sure enough, things went downhill while waiting for the sale to close. Now, my experience was extreme but you never know. Sometimes decisions are made that defy all logic. Revisit your employment agreement on severance. Whether you get an offer or termination, you can negotiate. With the latter, an employment lawyer can help navigate your rights and even a failure to hire case.