Pilgrim's Pride Corp. said Monday it's withdrawing its bid for Hillshire Brands after Tyson Foods raised its bid for Hillshire to $63 a share. "As a disciplined acquirer, we determined that it was in the best interests of our shareholders not to increase our proposed price of $55.00 per share in cash," Chief Executive Bill Lovette said in a statement. The company will continue to pursue acquisitions in line with its stated strategy, Lovette said. Pilgrim's said it had secured financing for its bid from a consortium of banks.

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