Sorry, your perception of a merger is inaccurate. I think from reading previous posts of yours that you fail to take into consideration that when 2 companies merge, BOTH sets of owners then own the new, merged company.

Think of it this way - xyz is worth $100 million, with 100 million shares outstanding ($1 per share). They want to merge with abc who is also worth $100 million and also has 100 million shares outstanding (again, $1 per share). Correct me if I'm wrong, but in your thinking, if they merge the shares are automaitcally worth $2 per share. In reality, if abc mergers into xyz, the company is now worth $200 million. However, in order for the owners of abc stock to get their share, they are issued 100 million shares of the new company. So now the new company has 200 million shares outstanding, or $1 per share. The merged company, taken in whole, is now worth twice as much, but the value of the ownership hasn't changed - it's still $1 per share.

Hope that helps.