CI Traders, the Channel Islands-based consumer and leisure conglomerate, has made a bid for fellow Channel Islands company ComProp. CI chairman Tom Scott, who has a 13.7% stake in the company, also chairs property developer ComProp, in which he holds 29.6% of its shares. CI is offering ComProp shareholders £11.88 in cash and six new CI shares for every 11 ComProp shares. This values each ComProp share at 144p and the offer represents a premium of 15.7% to the closing share price of ComProp on the day prior to the offer. For the year to March, ComProp reported £4.8m in turnover and £752,000 (£506,000) pre-tax profits whereas CI enjoyed a 4% rise in turnover to £286m in the year to January but pre-tax profits slipped 35% to £11.1m. CI is in the process of reorganising its £60m net borrowings and new facilities have been granted by its bank. As both companies have extensive property portfolios, CI wants to acquire ComProp to combine expertise as well as to maximise the benefits of ComProp's Admiral Park retail development. CI made a major investment in Admiral by siting its Checkers superstore there. On the announcement, CI shares fell 10% to 60p but ComProp shares rose 14% to 141.5p. House broker Collins Stewart had anticipated, before the offer, that CI's turnover would reach £285m this year with pre-tax profits at £18m before exceptionals. Hold for further growth.