Dell on the verge, but hurdles still ahead

Michael Dell might want to keep the champagne on ice for a few more days.

Yesterday, influential proxy advisers Institutional Shareholder Services and Glass Lewis recommended that shareholders vote for the founder’s $24.4 billion proposal to take his namesake company private — moving the tech titan one step closer to sealing the controversial deal.

The surprise backing of both proxy advisers, which points to the precarious state of the PC business, also boosted Dell’s chances of beating back billionaire Carl Icahn, who has been pushing a rival share-repurchase plan.

However, some sizable hurdles remain for Dell and private-equity firm Silver Lake Partners, including several prominent shareholders who oppose the $13.65-a-share buyout proposal.

Pzena Investment Management and Yacktman Asset Management are planning to throw their weight behind Icahn’s $14-a-share tender offer, according to published reports.

Pzena, with 12.7 million shares, and Yacktman, which holds 14.8 million, own a combined 1.5 percent of Dell’s shares.

As a result, there’s a growing sense that the July 18 shareholder vote could prove a nail-biter for Dell.

If enough shareholders follow their lead, it may be enough to undercut the proxy advisers and capsize Dell’s proposal.

Indeed, shareholders ignored the recommendations of Glass Lewis and ISS two months ago, when they voted in favor of JPMorgan Chase CEO Jamie Dimon keeping his chairmanship title.

Even before ISS and Glass Lewis released their recommendations yesterday, Dell’s backers were confident that they would win the shareholder vote, sources told The Post.

Nevertheless, Dell and a special board committee are leaving nothing to chance. They are planning to hold one-on-one meetings with big shareholders in the coming days to press their case that the PC business is flagging and that the world’s No. 3 computer maker needs to be fixed outside the public eye.

Dell’s special committee, which has faced blistering criticism from Icahn and partner Southeastern Asset Management over the price of the buyout offer, said in a statement it was pleased to score ISS’ imprimatur.

Dell shares closed up 3.11 percent at $13.44 yesterday.

Meanwhile, Icahn, who has readied $5.2 billion in financing to fund his alternative proposal, is not quitting.

“We continue to believe that Dell’s owners deserve better and can achieve more by voting against” Southeastern and Icahn said in a written statement.