This research employs the Theory of Planned Behavior as a theoretical foundation to test the loyalty of employees and customers to remain with a company during a merger behavioral intention. The hypothesized model proposed that communication, perceived control, and subjective norm are associated with attitude, and perceived behavioral control and attitude are associated with intended behavior. The data and hypotheses were examined using structural equation modeling (SEM). Results showed that communication, subjective norm, were positively related to attitude and attitude is positively related to behavioral intention. Perceived control was negatively related to attitude and behavioral intention. Findings of this study demonstrate that the proposed modification of the Theory of Planned Behavior is applicable in measuring stakeholders' loyalty to remain with an organization during a merger.