I would sell my COLM shares in a heartbeat for $75 but I don't think the COLM insiders would. This stock has great potential, but probably not as a buyout target. It's still not followed by many East Coast brokers which limits it's upside on good new events.
The buyback may get some attention and the cold weather recently should boost the outerware sales and reduce the inventory which I believe limited the upside on the recent great earnings report. I am still long the stock, but I am selling covered calls at $60 every time it gets close (three in row all expired out of the money) to make a little cash off it while I wait for the upside to happen.