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The New York-based investment firm of Shufro, Rose & Ehrman has raised its stake in Des Plaines-based DeSoto Inc. to 13.43 percent of common shares outstanding. In a filing with the Securities and Exchange Commission, Shufro said it holds 546,325 DeSoto common shares on behalf of clients and employees, including net purchases of 95,500 shares bought between April 5 and May 14 for $42.109 to $45.493 a share. DeSoto has invited those interested in its consumer paint business or the complete business to offer bids. Sutton Holding Corp.`s hostile $50-a-share bid remains on the table.
