A Delaware Court of Chancery judge on Wednesday scaled back his valuation of AOL Inc. stock in another win for the company’s attorneys, who had argued his initial finding of fair value at $48.70 has too high.

Vice Chancellor Sam Glasscock III, in a rare move, granted competing motions for reargument in the high-profile appraisal case after both sides questioned the treatment of financial inputs that led Glasscock to set fair value below the $50 per share price Verizon Communications Inc. paid to acquire the company.