Los Angeles Museum of Contemporary Art (MOCA) has rejected a proposal from the Los Angeles County Museum of Art (LACMA) to relieve it of its financial troubles in a takeover bid.

The museum's board of trustees said it was in agreement that the best future for MOCA was as an independent institution.

It said in a statement: "The Board understands that this will require a significant increase in MOCA's endowment to ensure its strong financial standing.

"We are working quickly toward that goal, while at the same time exploring all strategic options, to honour the best interest of the institution and the artistic community we serve."

According to the LA Times, MOCA's 2008 bailout agreement stipulated it could not be acquired by any museum located within 100 miles (161km) of its Grand Avenue facility and accordingly Broad would have to grant approval in order for the merger to go ahead.

Image: Marissa Roth