counterbid
noun
coun·ter·bid
| \ ˌkau̇n-tər-ˈbid
\
\
plural counterbids
or counter-bids
Definition of counterbid
: a bid made in response to another bid
After three days of further bids and counterbids, with the threat of action by competitors not hitherto involved, Axelman made McKee an especially attractive offer …— Paul S. Nathan … when the terms of the bid are agreed by the boards of the two companies, and no other company makes a counter-bid, the whole operation can be carried out relatively simply and inexpensively.— L. C. B. Gower
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