Boneyard Biscuits Dutch auction for an IPO was a great success. The fi rm offered 100 million shares. Bids appear below. BIDDER BID PRICE NUMBER OF SHARES Manahan $25.25 25 million Campbell 24.95 30 million Maloney 24.75 25 million Touma 24.40 10 million Clark 24.40 30 million Fry 24.25 15 million a. What is the clearing price? b. What options do Boneyard and its underwriters have for allocating shares? How many shares will each bidder receive under each option?