updated 5/7/2007 9:11:14 AM ET 2007-05-07T13:11:14

Armor Holdings Inc., which makes military vehicles and bulletproof vests, said Monday it agreed to a $3.37 billion takeover by global defense contractor BAE Systems Inc.

The purchase price of $88 a share in cash represents a 7 percent premium to the closing price of Armor Holdings stock on Friday. The overall price is based on the 38.33 million fully diluted shares outstanding Armor reported as of March 31.

The companies value the entire transaction at $4.1 billion. Unvested stock options sometimes boost the total cost of a deal.

The deal is expected to close in the third quarter and remains subject to shareholder approval and antitrust scrutiny.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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