Kemper fell 6 3/8, to 42 1/4, after its planned acquisition by Conseco failed.

Neither company disclosed the terms or dates of the planned acquisition.

As the investigation unfolds, some planned acquisitions by Columbia have been scrapped.

But the planned acquisition has come under antitrust scrutiny by the Justice Department.

So far at least, the planned acquisitions at both companies are relatively small.

In mid-September, the company announced its planned acquisition of Napster for $121 million.

Mr. Marshall predicted joint revenues of $5.4 billion in 1997 after the planned acquisition.

Wal-Mart declined to discuss the terms of its planned acquisition.

Most analysts said the planned acquisition appeared to be a sound strategic move.

The planned acquisition was announced after the stock market closed today.