What constitutes 'relevant securities' in takeover regulations?

Relevant securities in takeover regulations refer specifically to the shares that are involved in the acquisition process, focusing on voting offeree shares and offeror shares in a share swap scenario. This is important because the regulations aim to protect shareholders by ensuring transparency and fairness in the dealings of companies during takeovers.

In a share swap, where shares are exchanged as part of the takeover consideration, understanding which shares are classified as relevant is crucial for compliance with the regulatory framework. Voting shares of both the company being acquired (offeree) and the acquiring company (offeror) are monitored closely because they directly influence the decision-making process in the takeover.

This classification helps in assessing the control dynamics post-takeover and ensures that shareholders are informed adequately about the securities that could potentially affect their interests. The regulations emphasize the role of these voting shares since they carry the rights to vote on corporate matters, which is vital in a takeover context.

Other options might imply a broader or different interpretation, but they don't align with the regulatory focus on the primary voting shares involved in such transactions.