What is the meaning of Overbid?

To make an excessively high offer to pay or accept a price.

To outbid.

To announce a goal, before starting play, that exceeds the goal actually achieved.

An excessively high offer to pay or accept a price.

The announcement of a goal, before starting play, that exceeds the goal actually achieved.

simple past and past participle of overbide

overbite (a malocclusion, in which the upper teeth extend over the lower ones)

Source: wiktionary.org