Should Bidders get privileged access to Company Books?

'Private' Equity firms do not like to make hostile bids, in many cases their investors do not allow them. So while it is understandable that VC firms try to get a chance to do due diligence before making a firm offer we think that this practice should be examined. Does it not give a clear advantage to the bidder? He gets something that is very valuable for free and should at least have to pay a fair price for this information. Existing Shareholders - Retail as well as Institutional Shareholders - are required to rely on publicly available information and are thus kept at a disadvantage.