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

Other words from counterbid

counterbid or counter-bid verb, transitive + intransitive counterbid or counter-bid; counterbidding or counter-bidding
Marriott counterbid days later, offering $13.6 billion; Anbang responded on March 28, offering $14.2 billion … —Laura Berman

First Known Use of counterbid

1847, in the meaning defined above

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The first known use of counterbid was in 1847

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