counteroffer

[koun-ter-aw-fer, -of-er, koun-ter-aw-fer, -of-er]
noun
an offer or proposal made to offset or substitute for an earlier offer made by another.

Origin:
1780–90; counter- + offer

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World English Dictionary
counteroffer (ˈkaʊntərˌɒfə)
 
n
a response to a bid in which a seller amends his original offer, making it more favourable to the buyer

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Etymonline
Word Origin & History

counteroffer
1788, from counter- + offer (n.).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
The initial offer was significantly lower than she had expected, so she made a
  counteroffer.
They may get a counteroffer at their current university or other outside offers.
The next incident wasn't so much of a job offer but a counteroffer from my
  previous university.
But he expected the dealer would make a counteroffer, not shut him down.
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