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UA has changed hands a few times sine then. Somewhere along the line Return got lost, and MGM/UA do not hold the rights to it.
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RETURN OF THE PINK PANTHER was actually made by ITC (which would now be Carlton), because UA didn't want to finance it at the time of its production (guess they didn't think it would do as well as it did). So even though UA released the movie, they didn't *own* it like they do all the other PANTHER films.
That's why RETURN's rights have always been owned by ITC/Carlton, who in turn licensed them to Live/Artisan in the U.S.A.
BTW, which region is this PANTHER box set coming out in? It's too bad they don't throw CURSE OF THE PINK PANTHER on there, just to complete the original series (I'm forgetting about SON OF altogether).