Sabre Holdings ( TSG) is offering to acquire the 30% stake in Travelocity.com ( TVLY) that it doesn't already own for $23 a share.

The offer constitutes a 20% premium to Travelocity's Friday closing price of $19.20. Sabre hopes to initiate a tender offer for Travelocity's shares around March 5. The deal would be valued around $345 million, based on the 15 million Travelocity shares outstanding that aren't owned by Sabre.

Shares of Travelocity recently were trading up 29.2% to $24.80 in Instinet premarket action on the news. Travelocity's board has formed a special committee to evaluate the offer.

More from Technology

Microsoft Climbs After-Hours on Earnings Beat; Guidance to Be Announced on Call

Microsoft Climbs After-Hours on Earnings Beat; Guidance to Be Announced on Call

Bitcoin Is Up, but Traditional Investors Remain Skeptical

Bitcoin Is Up, but Traditional Investors Remain Skeptical

Facebook and Twitter Face a Reckoning on Russian Trolls and Bots

Facebook and Twitter Face a Reckoning on Russian Trolls and Bots

Jim Cramer on Google Cloud vs. IBM Cloud

Jim Cramer on Google Cloud vs. IBM Cloud

Lee Munson Discusses the Market and Areas of Opportunity for Investors

Lee Munson Discusses the Market and Areas of Opportunity for Investors