(Bloomberg) -- Towers Watson & Co. won shareholder approvalfor an $8.9 billion merger with Willis Group Holdings Plc afternegotiating better terms with the insurance broker.

Willis investors supported the combination with the Arlington,Virginia-based consulting firm in a separate meeting Friday,according to a joint statement from the companies that didn’tdisclose tallies.

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Shares of both companies jumped in New York trading.

“We are confident that combining Towers Watson and Willis willaccelerate both companies’ long-term strategies and createsubstantial incremental value for shareholders,” Towers WatsonChief Executive Officer John Haley said in the statement.

Willis agreed in June to merge with Towers Watson to bettercompete with brokers including Marsh & McLennanCos. and Aon Plc, which also have substantial consultingoperations. The initial deal valued Towers Watson at about $8.7billion, terms derided by investor Driehaus Capital ManagementLLC as a “takeunder.”

Willis agreed last month to more than double the one-time cashdividend to $10 a share, after Towers Watson postponed ashareholder vote. The new offer valued the consulting company atabout $8.9 billion based on Willis’s stock price at the time.

Towers Watson jumped 2.6 percent to $130.69 at 9:53 a.m. in NewYork. That compares with $137.98 the day before the June deal wasannounced. Willis rallied 2.3 percent to $46.

The revised terms failed to sway proxy adviser Glass Lewis &Co., which said that the increased dividend was an “insufficientimprovement” and urged Towers Watson investors to vote against thedeal.

Towers Watson and Willis had said a merger would increaseshareholder value by about $4.7 billion because of cost savings,opportunities for increased revenue and tax benefits. London-basedWillis enjoys lower rates than U.S. companies.

Under terms of the agreement, Haley will lead the combinedcompany, and Willis’s stockholders will hold about 50.1 percent.The consulting company’s investors will receive 2.649 Willis sharesfor each Towers Watson share they own, plus the cash dividend.

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