Sounds like a strategic move to strike when the time is right.

Update:

Ubisoft has issued a statement of their own in response to Vivendi:

“Ubisoft takes note of Vivendi’s statement. We will remain vigilant about their long-term intentions and will continue to pursue our strategy of growth and value creation in the interest of all our shareholders.”

Sounds like Ubisoft won't be letting their guard down during the next few months.

Original:

While Ubisoft looks to buy back their shares, Vivendi appears to be delaying the hostile takeover of Ubisoft. This month, Vivendi was legally obliged to make an offer to purchase Ubisoft – but only if their shares hit 30%.

Vivendi is looking to keep their shares at just the right point as to keep them from any legal obligations to big on the company. According to Vivendi's own press release, the company doesn't intend on making an offer to buy Ubisoft "over the six coming months."

Here's what Vivendi wrote:

Nevertheless, concerning Ubisoft, in anticipation of the receipt of double voting rights on its Ubisoft shares on November 23, 2017, Vivendi states that in the next six months:

it does not intend to file a public tender offer for Ubisoft shares nor to acquire control of the company. To this end, Vivendi will ensure that its interest in Ubisoft will not exceed the threshold of 30% through the doubling of its voting rights; and

in view of the opposition expressed by Ubisoft’s executive management, Vivendi will not seek representation on its board of directors.

After six months it might be a different story. Vivendi went on to say that they will continue to "develop in this sector" later on, citing that the current unrealized capital gain on the "Ubisoft investment" is more than €1 billion – which makes their investment worth it for them.

"Given that this sector is the second largest in the content industry after music, the Group confirms its intention to continue to develop in this sector.

Vivendi does not state that they will be selling off their Ubisoft shares. With Ubisoft already generating Vivendi plenty of money, Vivendi is allowing their shares to appreciate in value. It's very possible that Vivendi doesn't have the money to offer a bid on Ubisoft (their net income went down recently) and is holding off to buy-in when the time is right for them.