Sabre Offers to Buy Rest of Travelocity
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Associated Press
Sabre Holdings Corp. said it will offer $345 million for the shares of online travel site Travelocity.com it doesn’t already own.
Sabre’s offer of $23 a share represents a 19.8% premium over Travelocity’s closing stock price Friday.
Sabre, the leading computerized travel reservation system, owns about 70% of Travelocity but holds only about 15% of its voting power.
Travelocity shares jumped $5.71 to close at $24.91 on Nasdaq.
Shares of Sabre declined $2.34 to close at $42.94 on the Big Board.
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