Sabre, a technology provider for the travel industry, owns 70 percent of Travelocity's stock and, according to Travelocity, said two weeks ago that it intends to purchase the remaining 30 percent for $23 a share. The shareholders who have sued to stop the sale say Sabre's offer is "inadequate."
Shares of Fort Worth, Texas-based Travelocity ended last week at $25.87, 33 percent lower than its 52-week high of $38.79.
With competition in the Web's travel industry heating up during the past year, Travelocity lost ground to competitors. For example, ExpediaTravelocity as the No. 1 travel site after reporting higher gross bookings during the past quarter.
Travelocity said Sabre is due on Tuesday to officially tender an offer for the Travelocity shares it doesn't own. A Travelocity representative said the company has formed a committee to evaluate the offer. The representative declined to comment on the lawsuits.
A Sabre representative also declined to comment, citing the company's policy of not commenting on pending litigation.