Australia’s largest rental company Coates Hire last week said it plans to undertake a strategic review of its business after receiving several preliminary takeover approaches. Coates has appointed Macquarie Bank to lead the review and plans to appoint a consulting firm to advise it, but said business will continue as normal while the process is under way.

Shares of Coates Hire surged to its highest price in five years after the announcement, valuing the company at AU $1.5 billion (about U.S. $1.23 billion). Coates has more than 200 branches in Australia.

Coates officials said there was no assurance the review process would result in a transaction.