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English definition of “overbid”

overbid

verb [I or T] uk   /ˌəʊ.vəˈbɪd/ us    /ˌoʊ.vɚ-/ (present participle overbidding, past tense and past participle overbid)
to offer more money than someone in an attempt to buy something, or to offer too much money in an attempt to buy something: They were overbid by a Japanese firm. The Commission felt the company were overbidding and gave the franchise to their competitors instead.
(Definition of overbid from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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