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English definition of “overbid”

overbid

verb [I or T]     /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.Paying and spending money
(Definition of overbid verb from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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