Is the true self reborn? In Mahayana Buddhism, is it the true self that is reborn, or is it the empirical self?
I tend to see it described as if it's just the latter, but then if I am my true self, then doesn't that equate to annihilationism and nihilism?
There is no rebirth or reincarnation in the sense that the soul takes on a new body (rebirth / reincarnation) after death. (In Sinhala Punarupathi)

In Buddhism conception which is the continuation of the Bhava from end of the previous life (death) in the cycle of Samsara. (Punarbhava)

In other words this is a process in which there are events like birth and death. In the light that there is no everlasting unchanging core this is not a rebirth as it is not the person from the previous existence nor it is a entirely different being, but just the continuous flow of the process of becoming. 

Continuation of a core entity (rebirth / reincarnation) is a Hindu concept. Buddhist concept is the continuation of the process. 

Since there is a continuation (of the process), all doesn't end with death. 

The confusion about rebirth is due to rebirth being used in Buddhist translation due to the limitations of the vocabulary and there is no better world to use. 

(I am not sure if this fits into the Maha Yana take on the matter. )