"To accept the bid" means agreeing to an offer made by someone to buy or do something, usually in a competitive situation like an auction or business negotiation. Full definition
A stack of the cheapest bids is accepted and the generators are paid, strangely enough, at the price of the highest accepted bid for each half hour. (newscientist.com)
In accepting a bid from a buyer needing financing, a seller would be wise to consider whether the offer can match the appraised value. (rismedia.com)
As the club didn't accept the bid, it didn't happen. (caughtoffside.com)