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Following text within quotes was copied from this page

"If the bounty was started by the question owner, and the question owner accepts an answer posted during the bounty period, and the bounty expires without an explicit award then we assume the bounty owner liked the answer they accepted and award it the full bounty amount at the time of bounty expiration."

What if the bounty was started by the question owner and did not accept any answer?

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If the question owner didn't accept an answer, and the bounty expires, half the reputation goes to the highest rated answer (score >=2) posted after the bounty was started. If no answer meets that criterion then the bounty just dies off without being awarded. The bounty poster doesn't get the reputation back, and the bounty expires.

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