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In the private company for which you can work, it's frequent that your request to have a raise obtains a refusal for various reasons or pretexts. At that point, you can use the argument of a new and better paid job offer that you could easily accept, if you don't have the reward you had asked your boss or the chief of the staff office who will transmit the request to your bosses (in the larger companies).

The argument of another job offer is an extreme card, a pressure action you make after having "consumed" in vain other arguments like the good quality of your work, your experience after many years and so on; you can play it only if your position in the company is important for your level and for your experience and competence and you are aware that your company can't let you go without having a damage and when the personal and professional relation among you and your bosses are relatively good, for what is possible.

If you have a lot of courage, you can play this card also when it's not true you have got a new offer, with a bluff.
This is a dangerous game because you risk to over-esteem the importance of your role in the company and your boss' determination in holding you in the staff ; so, you'll find yourself without your actual job and, of course, without the new job that doesn't exist.

Given that I'm a prudent person and, consequently, I can only give prudent advice, it's by far better you play this card only when you have your back covered by a real new and better job offer, especially, if coming from a direct concurrent of your present company in the field of commerce, technology or services, for example.
You can also show your boss the letter from the other company, just to show that you are not bluffing. In this case, your pressure will be double because you arouse a "jealousy" feeling in your bosses who feel themselves and their company "cheated" at the advantage of a rival concurrent whom you can give your long experience, especially against your former company and you surely have more chances.

However, avoid to be arrogant, challenging, rude or simply cold with your bosses, for not to spoil your personal relations with them, if you really want to remain in that company (your first goal). Be, instead, clear but polite and tell them you are sorry of leaving their company after so many years of good work together (even if it's not so true), you are still uncertain in making this important choice and so on. Lick well your prey, before biting!...

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