A "substantial bid" means a large or significant offer made in a competitive situation, such as an auction or business deal. It refers to a substantial amount of money or resources being proposed to win or secure something valuable. Full definition
Furthermore, do not ignore potentially substantial bid - ask spreads and discounts and premiums relative to net asset value. (bondmarketindexfund.com)
But the fact is that if Wenger and the players really want Alexis to leave, then this could force Man City to put in a substantial bid to get the Chilean before the summer. (justarsenal.com)
The journalist Jose Luis Sanchez has said on Spanish TV that Arsenal have made a substantial bid for Rodriguez, but Real have rejected us as the price is short of Real's # 69.8 million valuation. (justarsenal.com)