The board of directors of Norton Enterprises Inc. of Salt Lake City has announced the execution of a definitive merger agreement with N Acquisition Corp., a corporation formed by Scarff, Sears & Associates headquartered in San Francisco.

The merger agreement provides for the acquisition of Norton Enterprises pursuant to a merger in which each outstanding share of common stock will be converted into the right to receive $13 in cash, in accordance with the agreement in principle entered into between the parties in April.The approval of the shareholders of Norton Enterprises will be required to effect the merger.