PCH said on Tuesday the board unanimously recommended shareholders accept Cape's revised offer in the absence of a superior proposal.
Cape has had its eye on PCH since February when it first approached the company with an offer of 90c per share.
PCH rejected its offer and a subsequent offer of $1.30 per share. When talks between the pair broke down in August, PCH put in place a standstill agreement, which Cape breached when it made yet another play for PCH, again with an offer of $1.30.
This latest offer values PCH at $247 million, some $14 million more than Cape's previous offer.
PCH accepted the offer following an independent report by KPMG Corporate Finance, which determined that PCH's control value was $1.34 to $1.49 per share and that the revised offer was fair and reasonable.
Cape has busied itself in recent months with a number of Australian acquisitions, including Western Australian company TCC Group in August and Victorian company Concept Hire in September.
Cape chief executive Martin May said the combination of Cape and PCH, together with Cape's other recent acquisitions, would create a business with scale within Cape's Far East/Pacific Rim region and a strong position in the buoyant Australian market.
He said this latest acquisition also increased Cape's presence and abilities within its Middle East/Gulf and CIS/Caspian regions.
Cape has extended the revised offer until 5pm (WST) on November 29.
PCH shares closed up almost 5c at $1.37 yesterday.
