Source : Webster's Revised Unabridged Dictionary (1913)

Outbid \Out*bid"\, v. t. [imp. {Outbid} or {Outbade} (?); p. p.
   {Outbid} or {Outbidden} (?); p. pr. & vb. n. {Outbidding}.]
   To exceed or surpass in bidding.

         Prevent the greedy, and outbid the bold. --Pope.

Source : WordNet®

outbid
     v 1: bid over an opponent's bid when one's partner has not bid or
          doubled
     2: bid higher than others [ant: {underbid}]
     [also: {outbidding}, {outbidden}]

outbidding
     See {outbid}