Just want to to answers to these.
Once deal is announced with the certain transaction amount, I know that company still conducts due diligence before adjusting final terms with the sellers.
1) In this process, bankers sometimes keep doing valuations and change transaction purchase amount (after deal is annouanced)? Or once deal is announced, purchase price is NEVER going to change?
2) Once deal is announced, what do bankers do before deal is being closed?
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Transaction values are sometimes revised after the transaction is announced. Deals are subject to confirmatory due diligence...
Valuations, deal terms, release volumes are just a few of the many things that can change once the deal has been announced in terms of an IPO. M&A, POs and other types of deals all change once they have been announced.
As rufio said, they can change. Bankers continue to facilitate necessary information flow between the parties, answer any questions and act as a guide to the sell side company.
If the bank is on the buy side, it participates in the due diligence process, generally with accounting firms and other consulting groups (marketability studies, quality of earnings, etc.).
There are plenty of instances where the deal value moves up or down (down more often, but I have seen two that moved up) based on findings throughout the DD process.
To answer your second question, another thing that bankers do between announcement and closing is plan the closing dinner and arrange for the deal toy. Do not EVER volunteer to do either of those things.
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