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SAO PAULO, June 3 (Reuters) - Shares of JBS SA, Latin America's biggest beef producer, fell 4 percent on Tuesday after the company's Pilgrim's Pride Corp unit raised its offer to take over processed food maker Hillshire Brands Co .
JBS owns about 75 percent of U.S.-based Pilgrim's Pride.
At 10:23 a.m. (1323 GMT), shares of JBS were down 3.52 percent to 7.41 reais, after having fallen over 4 percent earlier in the session. (Reporting by Asher Levine)