** Gold Road Resources GOR.AX said on Monday it had rejected Gold Fields' GFIJ.J $2.1 billion buyout bid because it believed the offer materially undervalued the co and was "highly opportunistic"

** Jefferies says announcement indicates deterioration of relationship to the point where grievances are now being aired publicly

** Deal values GOR at A$2.27 per share, which is a 9% premium to brokerage's like-for-like NPV

** However, Jefferies questions premium adequacy, suggesting it doesn't reflect control value or potential mining consolidation synergies

** 5 of 11 analysts rate the stock "buy" or higher, 5 as "hold" and 1 as "sell"; their mean PT is A$2.67 — LSEG data

** Stock up 19.5% YTD

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk))