** Shares in Ubisoft UBIP.PA rise 11% at 14:15 GMT after Reuters reports shareholders are in talks over possible buyout terms, citing two sources close to the matter
** Sources say shareholders, including Tencent 0700.HK, are considering how to structure a possible buyout without reducing the founding family's control
** Discussions between Tencent and the Guillemot familly, which is the largest and founding shareholder, are underway, as Tencent also wants to prevent any potential hostile takeover of Ubisoft by other investors, one of the sources says
** Tencent declined to comment. A representative of the Guillemot family did not respond to requests for comment
** Shares in Ubisoft are on track for their best day since Oct. 4
(Reporting by Mathias de Rozario)
((mathias.derozario@thomsonreuters.com))
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