Conagra Foods announces conditional $1.25 billion stock repurchase plan

Conagra Foods on Tuesday said its board of directors has approved a conditional $1.25 billion stock repurchase plan.

Conagra Foods said the buyback program is contingent on the completion of spin-off of its Lamb Weston business, and that the plan has no expiration date.

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

—CNBC contributed to this report.