Chloee No sooner was the merger announced, the company's share prices started to fall. , or No sooner had the merger been announced, the company's share prices started to fall. I don't see any difference in meaning between the two versions.
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ChloeeNo sooner was the merger announced, the company's share prices started to fall. , or
No sooner had the merger been announced, the company's share prices started to fall. ?I don't see any difference in meaning between the two versions.
As an aside, I believe you need to add a "than" to both sentences - unless the British version is different.