It doesn't matter that the merger was over 20 years ago. What matters is whether there was a lasting cultural change at the merged company, and whether it was

It doesn't matter that the merger was over 20 years ago. What matters is whether there was a lasting cultural change at the merged company, and whether it was for the better or worse. I've worked through half a dozen M&As, and I've seen the culture at the bigger partner in some of them change radically, often because the bigger company will promote executives from the smaller company as part of the deal. This really is a thing, and sometimes it's a very bad thing, though I've also seen it succeed wildly. Executives often don't understand the culture in the companies they lead, or the companies they acquire or merge with. Sometimes they don't even have the luxury of choosing partners on the basis of cultural compatibility.