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What does gazumping mean?

Looking for the meaning or definition of the word gazumping? Here's what it means.

Verb
  1. present participle of gazump
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We are looking at providing a lock-out agreement that would, among other things, stop gazumping and gazundering.
Pogba and Stones have reportedly been the subject of tentative interest from both the Spanish giants in recent months, seemingly gazumping long-term admirers Chelsea without even making an official bid for the pair.
Although traditionally a problem for homebuyers, gazumping is a growing concern for tenants all over the UK, says FindaProperty, that but particularly in London and the South-East.
The medium really did seem in danger of gazumping the message.
Indubitably we should learn from the mistakes of the 1980s and not allow gazumping to be part of modern house-buying negotiations.
Whereas gazumping gave sellers the upper hand, allowing them to accept 11 th hour bids above the original offer, gazundering turns the tables on them.

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