UPDATE: LA Museum of Contemporary Art seeks to stay solo after merger offer from Los Angeles County Museum of Art (PDF)

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Los Angeles' financially troubled Museum of Contemporary Art has apparently turned down a merger offer from the Los Angeles County Museum of Art.

MOCA  released a statement to several media outlets Tuesday saying its board of trustees is in agreement that the best future for the museum "would be as an independent institution."

The statement does not mention LACMA, but comes about a month after LACMA made a formal merger proposal.

RELATED: What's next: LA County Museum of Art offers to merge with Museum of Contemporary Art

The Los Angeles Times reported the offer included a promise to raise $100 million for MOCA, which was in danger of going under five years ago before a $30 million bailout from financier Eli Broad.

MOCA's statement says board members understand continued independence will require a significant increase in funds, but says they are working quickly toward that goal.

Read the letter from MOCA Trustees who are committed to independence

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