In this study, we tried to analyze proxy fights of a sample firm from a value-based- investment view. The purpose of this study is to provide methodology to assess firm’s intrinsic value using information of annual report and strategic point of view. To do this, we introduced a recently actual sample firm and devided events into conditions of proxy fight, value assessment of target firm and legal(or practical) process of fight. Conditions of proxy fight include market price, intrinsic value of the target firm, and corporate governance structure. Analysis of target firm’s intrinsic value was done with annual reports in the viewpoint of strategic change of asset structure and its use. When we saw economic(market) effects around the event-day with AR and CAR of the target firm, target firm significantly outperformed market during fighting period.