Etymology
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outbid (v.)

also out-bid, 1580s, "offer a higher price than," from out- + bid (v.). Related: Out-bidding; out-bidden. Middle English had utbidden "to summon (warriors), muster (an army," c. 1300, on the notion of "call out."

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Definitions of outbid

outbid (v.)
bid over an opponent's bid when one's partner has not bid or doubled;
outbid (v.)
bid higher than others;
From wordnet.princeton.edu