Current Employer Matched Offer

I’m due for a promotion at my current job next month and the raise is all but finalized.

I was able to secure a job offer that increases my salary 46% and accepted a few weeks ago. I told my manager about my resignation today and he told me to wait as they may be able to increase my raise. He doesn’t know the exact number but I believe it would have been around 12%.

I’m still waiting to hear back, but if my manager is able to match the 46% increase. Should I got back to the other company and ask for more? Or just accept my current employers match and tell the other company I now decline.

Thank you in advance.

Edit: Took the employer match and broke the news to the new company. Thought long and hard about this and there’s really no right or wrong answer. Thanks again for all of the input.