Legal Question in Business Law in California

Almost certainly you do not. As long as the purchasing company legally assumed and in fact honors all of the obligations of the franchisor to all you franchisees under your franchise agreements, you not only have no standing to object to the transaction, it is hard to see why it would really matter to you.

I'm not really sure from your question what the problems. Let's say you owned a Burger King franchise and the parent company, the franchisor, was sold out to McDonald's. So long as McDonald's honors your original franchise agreement with Burger King, you really have no standing or even reason to complain. If there's something else going on, I suggest you reword your question or add more details.

I likewise cannot tell from the facts given what happened ......... but another possibility is that your franchisor has granted a new franchise to another franchisee in "your territory" and you are wondering if this is permissible and fair. Since exclusiveness of territory is very important to a franchisee such as yourself, this is invariably covered in detail in franchise contracts, and the answer to your question would then be, "What does the franchise contract say?" In any case, your problem is sufficiently important to you that you should have an actual in-person discussion with a business lawyer near you.