HL might possibly be a candidate in someone's eyes and an offer (if ever made) would make for interesting discussion.
I see to potential issues. First, there has been some limited discussion in the past about anti-takeover plans that HL has documented (somewhere). I have never seen those plans or a credible description of what they actually entail. If the plans are documented on the Hecla web site, I haven't seen them. Finally, if in fact there were a serious attempt to acquire the company (HL), would that not require a vote of the share holders on the question? Or, does the board have exclusive domain on the decision?
It sure would be interesting to see a vote on something. I wonder how the shorts of the 40+ million shares would react? Also, how about the folks that bought the bogus shares?