Shares held by participants of Tower Australia and Dai-ichi Life Insurance's scheme of arrangement have been transferred to the newly re-branded TAL Dai-ichi Life Group.
In a statement to the Australian Securities Exchange, TAL said the company had implemented its scheme of arrangement.
As part of the arrangement, the company said it would pay the scheme consideration of $4 per share to the scheme participants.
Earlier this month, Tower announced its plan to change its name to TAL after the expiration of a five-year agreement with Tower Limited of New Zealand to use the Tower name in Australia.
Tower group managing director Jim Minto said the new name will be progressively incorporated into the operation of the business up until November 2011 when the current Tower licence ends.
On 18 April, Tower said its Australian shareholders, other than the Dai-ichi Life Insurance company and its associates voted in favour of the scheme at a meeting in Sydney.
In December last year, Dai-ichi offered to buy out the remaining shares in Tower that it didn't already own, for $1.76 billion.
