The purchase, if it happens, would be nearly equal to a fifth of the company's total stock value.
Cummins plans to lay off 1,500 employees across its entire workforce by the end of the year.
Cummins recently announced a drop in quarterly profits and plans to lay off more than 1,000 employees, which could have ripple effect in the Columbus community.
Cummins, one of the largest employers in Columbus, tends to hire and fire in large numbers, making job security uncertain.
Uncertain global economy and fear of decreased demand for products is causing Cummins to reduce its workforce.
Cummins' early jump on the EPA's 2014 fuel standards could allow more partnerships with environmental officials.
A shutdown at the company's Fuel Systems Plant in Columbus affects 350 of 512 union employees.
Cummins says it is taking precautions this year, but expects to fulfill its promises to hire 290 worker in Seymour by 2015.
Wellpoint and Eli Lilly rank among the top 100 companies.
Cummins says it plans to create an organization similar to the one the Community Education Coalition in Columbus, Ind.