From Longman Business Dictionary
overbido·ver·bid1 /ˌəʊvəˈbɪdˌoʊvər-/ verb (past tensepst and past participlepp overbid, present participle overbidding) [intransitiveI]COMMERCE to offer too much for somethingoverbid forSeveral TV companies who may have overbid for licences are now in financial trouble.