ConAgra Sets Distribution Date For Spin-off, Announces Share Buyback Increase
ConAgra Foods Inc. announced an increase to its share repurchase program Tuesday as well as a Nov. 9, 2016 distribution date for the spin-off of its Lamb Weston Business. The record date is Nov. 1, 2016. The holders of ConAgra Foods' common shares will receive 100 percent of the common shares of Lamb Weston in the spin-off. The distribution is still subject to closing conditions. ConAgra Foods Inc. will be renamed Conagra Brands Inc. upon completion of the spin-off. The company's board of directors also increased the existing share buyback program to $1.25 billion, which is dependent on the completion of the spin-off. The shares are expected to be repurchased "periodically" and the spin-off has no expiration date. Shares of ConAgra were inactive in premarket trade Tuesday.
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