Is it permissible to submit a bid to a company where an employee works after reviewing the other bids, provided that the work conforms to specifications and standards and is offered at a lower price?

If the company prohibits its employees from participating in bids, then you are not permitted to do so. However, if the company allows it, you are not permitted to view other bids before submitting your own, as this violates the rules of confidential bidding and infringes upon the rights of other companies.