#!/bin/bash

# ideone boilerplate: run in temp dir 
t=$(mktemp -d -t ideone.XXXXXXXX) || exit
trap 'rm -rf "$t"' ERR EXIT
cd "$t"

cat <<\: >input.txt
there is a foo
in your bar
:

cat <<\: >test.txt
<body>
  <div>PLACE_HOLDER</div>
</body>
:

sed 's/\&/\\&/g
     1s/^/s\&PLACE_HOLDER\&/
     $!s/$/\\/
     $s/$/\&/' input.txt

echo ----------

sed 's/\&/\\&/g
     1s/^/s\&PLACE_HOLDER\&/
     $!s/$/\\/
     $s/$/\&/' input.txt |
sed -f - test.txt
