Overvaluation of government contractors

Steven Pearlstein has an interesting take on the recent government contractor acquisition activity, the most recent example of which is Qinetiq's purchase of Apogen. Pearlstein points out that recent purchases have significantly over-valued their acquisitions, that it's British companies that seem to be the driving force behind the trend, that the government marketplace is unlikely to continue to grow at the rates we've seen recently, and that this over-valuation bubble may consequently be about to burst. I think Pearlstein has a great eye for this kind of insight.