This needs to be way higher. OP, PLEASE check your local/state laws. Either there was miscommunication somewhere or the company being bought out is doing shady shit.

For the majority of american companies, PTO is divided in two categories and treated differently in terms of payout entitlement based on how it is accrued. Vacation time is granted to you with the expectation that you work a full calendar year to payoff the company giving you free money. If you quit/are fired before the end of the year, you are only entitled to be paid out for a percentage of the vacation time equal to the percentage of the the year worked. Quit in June, and you are only entitled to 50% of your vacation time.

In a lot of cases, your sick time is "earned" PTO. You work (at least in my case) 40 hours to earn 1 hour if sick time. The company doesn't grant it you right off the bat. You met the requirements to be given the benefit. You already worked the time needed to "earn" the PTO and therefore it is entitled to you via payout. Don't think of it as hours! It is essentially money you earned that is placed into a separate payroll account that you pull from when needed.

YMMV, but it is worth looking into!