Joele Frank, Wilkinson Brimmer Katcher represents Athenahealth as the healthcare technology company received an unsolicited $160 per-share takeover bid today from Paul Singer’s Elliott Management Co.

The proposal represents a 27 percent premium to the target company’s May 4 closing share price.

Elliott, which took a nine percent stake in the Watertown (MA) company a year ago, is eager to help Athenahealth unlock its full potential to “fundamentally change the healthcare information technology company."

In its letter to the board, Elliott says it held “extensive private engagement” with Athenahealth’s management and board over the past year.

The investment firm believes Athenahealth’s management fails to grasp the benefits of going private and appears “destined to repeat the same operational and strategic failures” that have plagued the company and its shareholders.

Jonathan Bush, cousin of President George W. Bush, heads Athenahealth, which acknowledged Elliott’s offer and will review the proposal with financial advisor Lazard.

JFWBK’s Barrett Golden, Nick Lamplough and Scott Bisang handle Athenahealth.