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Sabre Holdings

(TSG) - Get Stars Group Inc Report

is offering to acquire the 30% stake in

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( 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.