Conagra Foods announces new details for the spin-off of Lamb Weston

Lamb Weston’s Eagle office will become the corporate headquarters for the new company. The company says its operation won’t change much, though the spin-off will mean high-level executive jobs will move from ConAgra headquarters in Chicago to Eagle (Courtesy: Idaho Statesman)

October 12, 2016

Source

Conagra Foods

ConAgra Foods, Inc. (NYSE: CAG) today announced the record and distribution dates for the spin-off of its Lamb Weston business, which is expected to be effected through the distribution of 100 percent of the common shares of Lamb Weston to holders of ConAgra Foods’ common shares:

Record Date: 5:00 p.m. New York City time, on Nov. 1, 2016
Distribution Date: 11:59 p.m., New York City time, on Nov. 9, 2016

The completion of the distribution remains subject to customary closing conditions, including the Securities and Exchange Commission having declared effective Lamb Weston’s Registration Statement on Form 10.

ConAgra Foods also announced today that its board of directors approved an increase to its existing share repurchase program, authorizing $1.25 billion of total expenditures on the program. The authorization is contingent on the completion of the spin-off of the Lamb Weston business and has no expiration date.

Shares are expected to be repurchased periodically, depending on market conditions and other factors, through open-market or privately negotiated transactions. This authorization is part of a broader capital allocation strategy that balances debt reduction, a top-tier dividend, share repurchases and strategic growth investments.

Sean Connolly, president and chief executive officer of ConAgra Foods:

“Today’s announcement demonstrates continued progress in the spin-off of the Lamb Weston business as well as ConAgra’s commitment to creating shareholder value.”

“It is an exciting time for Lamb Weston and ConAgra Foods.”

ConAgra Foods, Inc. will be renamed Conagra Brands, Inc. upon completion of the spin-off.

Lamb Weston Investor Day Audio Webcast

Tom Werner, CEO of Lamb Weston following the spin-off

The leadership team of Lamb Weston, a leading supplier of frozen potato products to restaurants and foodservice distributors, will host an Investor Day on Thursday, Oct. 13, 2016 at 9 a.m. EDT.

During the event, Tom Werner, who will serve as CEO of Lamb Weston following the spin-off of Lamb Weston from ConAgra Foods (NYSE: CAG), will present information on the company’s business strategies and long-term financial objectives.

The Investor Day event will be available via live audio webcast. Domestic and international participants may access the event here: https://www.tvtechmanagers.com/lambweston/.

The presentation for the event will also be made available at https://investor.conagrafoods.com.

A rebroadcast of the event will be available on Friday, Oct. 14, 2016, after 9 a.m. EDT.

The rebroadcast will be available at https://investor.conagrafoods.com.

Source:Conagra Foods