It’s been more than seven years since Peter Mason blundered through a public company takeover process, so he’s long overdue.

Large AusNet shareholders are as baffled as anybody by the board of directors – led by Mason – granting eight weeks of due diligence exclusivity to Canadian suitor Brookfield on Monday without telling the market that ASX-listed APA Group had lobbed its own bid 19 days earlier. Upon being rebuffed, APA even assured AusNet that its second bid was on the way.