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I work for a publicly traded company that is expected to be bought out/taken private this year. If my employer requests changes to my employment contract, and I refuse to accept the changes, do I need to give a reason why I refuse? am I still eligible for severance if I refuse to agree to a change in my employment contract, for any reason?

It would depend on the nature of the changes but if they are significant changes you could be entitled to severance pay if you refuse to accept those changes.
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