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2 definitions found
 for outbid
From The Collaborative International Dictionary of English v.0.48 :

  Outbid \Out*bid"\, v. t. [imp. Outbid or Outbade (?); p. p.
     Outbid or Outbidden (?); p. pr. & vb. n. Outbidding.]
     To exceed or surpass in bidding; to bid a higher price.
     [1913 Webster]
  
           Prevent the greedy, and outbid the bold. --Pope.
     [1913 Webster]

From WordNet (r) 3.0 (2006) :

  outbid
      v 1: bid over an opponent's bid when one's partner has not bid
           or doubled
      2: bid higher than others [ant: underbid]

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