investors reacted coolly to the merger announcement, sending Heinz shares down and resulting in only modest gains for Del Monte. By year-end 2002, both companies' stock prices had posted further declines, reflecting weakness in the broader market. (Some industry observers believed the merger could could be win-win for Heinz shareholders only if there was an end game that involved selling the slimmer and more attractive Heinz.) By mid-January 2005, however, Heinz's stock price had recovered to just under $38, $3 below its 52-week high of $40.67, and Del Monte had managed to regain some strength, closing at $11.17 on January 13,2005.