Santos' rejected suitor, Scepter Partners, is in no rush to return with a sweetened offer but will wait to see if its target can deliver on its belief it can find better value for shareholders elsewhere.

Deep-pocketed Scepter, backed by the Brunei royal family, is, however, determined to keep its $7.14 billion approach on a friendly footing, and so is holding off from contacting the oil and gas producer's shareholders or from any other move that could be perceived as hostile, according to sources close to the fund.