More than one bid from directors is thrown out (4,2,3,5)
I believe the answer is:
goes by the board
'is thrown out' is the definition.
'more than one bid from directors' is the wordplay.
'more than one bid' becomes 'goes' (bid and go can both mean an attempt).
'from' becomes 'by'.
'directors' becomes 'theboard'.
'goes'+'by'+'theboard'='GOES BY THE BOARD'
(Other definitions for goes by the board that I've seen before include "Obeys those running the company" , "ignored" .)