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.