ARN Media has been “opportunistic” and chosen the “absolute cyclical low” in the media market to launch a surprise takeover offer if its main rival, Southern Cross Austereo, the target’s chairman says.

In his first interview since ARN lobbed a bid for the radio and television broadcaster alongside Anchorage Capital Partners this month, Rob Murray said it could take months to assess the offer. It was, he said, one of the most complex deals he’d seen.