A downhole tool includes a mandrel configured to be coupled to a liner, the mandrel defining a first port and a second port, the first and second ports being axially offset from one another and extending radially through a wall of the mandrel, a slips assembly coupled to the mandrel, an outer cylinder received around the mandrel and configured to transmit an axially-directed force onto the slips assembly, and a retaining assembly positioned radially between the mandrel and the outer cylinder. The retaining assembly has a first configuration that prevents the outer cylinder from moving relative to the mandrel, and a second configuration that permits the outer cylinder to move axially along the mandrel and set the slips assembly. The retaining assembly is configured to actuate from the first configuration to the second configuration in response to a pressure in the first port exceeding a pressure in the second port.