diff --git a/llvm/lib/CodeGen/SelectionDAG/DAGCombiner.cpp b/llvm/lib/CodeGen/SelectionDAG/DAGCombiner.cpp
index 42d163f79b11..d4d13884cb0c 100644
--- a/llvm/lib/CodeGen/SelectionDAG/DAGCombiner.cpp
+++ b/llvm/lib/CodeGen/SelectionDAG/DAGCombiner.cpp
@@ -924,9 +924,14 @@ SDValue DAGCombiner::visitTokenFactor(SDNode *N) {
 /// MERGE_VALUES can always be eliminated.
 SDValue DAGCombiner::visitMERGE_VALUES(SDNode *N) {
   WorkListRemover DeadNodes(*this);
-  for (unsigned i = 0, e = N->getNumOperands(); i != e; ++i)
-    DAG.ReplaceAllUsesOfValueWith(SDValue(N, i), N->getOperand(i),
-                                  &DeadNodes);
+  // Replacing results may cause a different MERGE_VALUES to suddenly
+  // be CSE'd with N, and carry its uses with it. Iterate until no
+  // uses remain, to ensure that the node can be safely deleted.
+  do {
+    for (unsigned i = 0, e = N->getNumOperands(); i != e; ++i)
+      DAG.ReplaceAllUsesOfValueWith(SDValue(N, i), N->getOperand(i),
+                                    &DeadNodes);
+  } while (!N->use_empty());
   removeFromWorkList(N);
   DAG.DeleteNode(N);
   return SDValue(N, 0);   // Return N so it doesn't get rechecked!
diff --git a/llvm/test/CodeGen/X86/extract-extract.ll b/llvm/test/CodeGen/X86/extract-extract.ll
new file mode 100644
index 000000000000..1e0ce9a32443
--- /dev/null
+++ b/llvm/test/CodeGen/X86/extract-extract.ll
@@ -0,0 +1,24 @@
+; RUN: llvm-as < %s | llc -march=x86 >/dev/null
+; PR4699
+
+; Handle this extractvalue-of-extractvalue case without getting in
+; trouble with CSE in DAGCombine.
+
+        %cc = type { %crd }
+        %cr = type { i32 }
+        %crd = type { i64, %cr* }
+        %pp = type { %cc }
+
+define fastcc void @foo(%pp* nocapture byval %p_arg) {
+entry:
+        %tmp2 = getelementptr %pp* %p_arg, i64 0, i32 0         ; <%cc*> [#uses=
+        %tmp3 = load %cc* %tmp2         ; <%cc> [#uses=1]
+        %tmp34 = extractvalue %cc %tmp3, 0              ; <%crd> [#uses=1]
+        %tmp345 = extractvalue %crd %tmp34, 0           ; <i64> [#uses=1]
+        %.ptr.i = load %cr** undef              ; <%cr*> [#uses=0]
+        %tmp15.i = shl i64 %tmp345, 3           ; <i64> [#uses=0]
+        store %cr* undef, %cr** undef
+        ret void
+}
+
+