If InBev NV has its way in taking over Anheuser-Busch Cos., former Atlanta Olympics chief Billy Payne will be out of a job.

But at least Payne will remain chairman of The Masters golf tournament.

InBev on June 11 made an unsolicited offer to acquire Anheuser-Busch, of which Payne is a director, for $46.3 billion. The Belgian-Brazilian company is the world’s second-largest brewer. Adding Bud Light to its rotating tap list would make it the biggest.

But Anheuser-Busch on Thursday rejected InBev’s offer, according to Bloomberg News. InBev, which had expected Anheuser-Busch to say no, earlier Thursday took the first step in an attempt to remove all 13 members of the Anheuser-Busch board.

InBev filed a complaint in Delaware Chancery Court seeking an opinion on whether it can remove all Anheuser-Busch directors without cause by written consent of its stockholders. InBev cites an Apr. 26, 2006, amendment to the Anheuser-Busch charter, which says that the company’s shareholders are allowed to remove Anheuser-Busch directors without cause. The case is InBev v. Anheuser-Busch., No. CA3857.

Young Conaway Stargatt & Taylor and Sullivan & Cromwell are advising InBev on the issue. Skadden, Arps, Slate, Meagher & Flom is Anheuser-Busch’s counsel.

In addition to his duties at the golf course in Augusta, Payne is also vice chairman of investment bank Gleacher Partners and is a director of Cousins Properties and Lincoln National Corp.

Georgia Gulf Corp. has sued a New York hedge fund in the Delaware Court of Chancery, asking the court to rule that Georgia Gulf isn’t in default on $100 million in corporate debt.

Georgia Gulf said in court filings it could be forced to file for bankruptcy protection unless the judge rules in its favor. Georgia Gulf filed the suit on June 8 against Sandelman Partners LP of New York, which claimed Georgia Gulf is in default on the payments. Chancery Court Judge Stephen P. Lamb set a trial date of July 21.

Jones Day partners John E. Zamer and Michael J. McConnell and associates Lillian N. Caudle and Walter W. Davis in Atlanta are advising Georgia Gulf. The company is also taking counsel from Potter Anderson & Corroon of Wilmington, Del. Georgia Gulf’s general counsel is Joel Beerman.

Richards Layton & Finger and Bracewell & Giuliani are counsel to Sandelman. Powell Goldstein partner Gregory Worthy in Atlanta is advising U.S. Bank, the trustee for Georgia Gulf’s corporate debt.

Georgia Gulf, of Atlanta, manufactures polyvinyl-chloride products used in the construction, housing and pharmaceutical industries.