31.   After the merger was announced, Prudential downgraded its rating on Phillips from strong buy to hold.

32.   After the Compaq merger was announced in early September, Hewlett hired outside financial advisers to scrutinize the deal on behalf of the family foundation.

33.   After the merger was announced Tuesday, the stock of both companies rose.

34.   All railroad stocks have suffered since the merger was announced last year, but none more so than Burlington Northern and Canadian National.

35.   But as Esrey returns to the course he was on before the merger was announced, outside skepticism of that strategy may have reached a new peak.

36.   But beyond attractive surface similarities, serious differences emerged soon after the merger was announced, according to executives in each company.

37.   But by announcing the merger and then insisting that Congress make it legal, Citicorp and Travelers are attempting to make Congress pass a bill that fits the deal.

38.   But one risk that few people consider until after a Wall Street merger is announced is how well the culture of any two firms will mesh.

39.   But since the merger was announced in late May analysts said further concessions would almost certainly be needed to get the deal approved.

40.   But the operators of two disparate Web sites for women recently announced a merger.