"preempt" in the noun sense

1. preemptive bid, pre-empt, preempt

a high bid that is intended to prevent the opposing players from bidding

"preempt" in the verb sense

1. preempt

acquire for oneself before others can do so

2. preempt, displace

take the place of or have precedence over

"live broadcast of the presidential debate preempts the regular news hour"

"discussion of the emergency situation will preempt the lecture by the professor"

3. preempt

gain possession of by prior right or opportunity, especially so as to obtain the right to buy (land)

4. preempt

make a preemptive bid in the game of bridge

Source: WordNet® (An amazing lexical database of English)

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