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PD Ports said its directors would withdraw their earlier recommendation of an offer from a rival consortium, and unanimously agreed to recommend BBI's cash offer.
The rejected offer, valued at $A574.3 million, was made by Endeavour Ports on November 30.
Endeavour Ports is owned by UK-based private equity company 3i PLC, as well as a consortium of Australian infrastructure funds.
As of September 30 2005, PD Ports had a net debt of $A528.8 million.
BBI's offer of 148.5 pence ($A3.46) per share represents a substantial premium on PD Ports' pre-bid share price of 112.5 pence ($A2.62) on October 18, up 33%.
BBI's per-share offer is also 5.69% up on the value of Endeavour's offer.
PD Ports will be BBI's second major transport asset, adding to its long-term lease over the Dalrymple Bay Coal Terminal in Queensland. It is one of the world's largest coal export terminals.
BBI also has investments in Powerco, the second largest electricity and gas distribution company in New Zealand; UK gas company IEG; two gas-fired electricity plants in Victoria (Ecogen); and Redbank, a coal tailings-fired electricity plant in New South Wales.
