During the application consideration process, applicants can withdraw from consideration with this resignation letter due to a counter offer.
Dear Mr./Ms. (Hiring Manager)
I am submitting this letter to formally withdraw my application from consideration. Thank you again for your generous offer; I know that joining your company as (position) would have been a wonderful opportunity.
My previous company has made me a generous counter offer that I cannot pass up at this time, so I will be staying on with (company). I appreciate the consideration and the offer, and I wish you the best of luck in your search.