Find last (max) value according to TimeStamp using update method
Your question is not clear. You are trying to update the value of some table based on a value of another? This can be solved using something like the query below:

In SQL Server 2005 or newer:

with my_data_cte (
  select row_number() over (order by timestamp desc) as sequence,
  pk_vv
from (
  select timestamp, pk_v from tb1
  union all
  select timestamp, pk_v from tb2
 )
)
update my_table
set value = pk_v
from my_table mt
  inner join my_data_cte ct on mt.pk_v = mt.pk_v
where sequence = 1