Differentiate the equation with respect to x.
You have y^2 = 4x^2-4
y=+-sqrt(4x^2-4)
dy/dx = -+4x/sqrt(4x^2-4)
So really, you're looking at the range of values this thing can take. It's looking ugly at the moment, and as we know it's positive and negative, let's square it for simplicity.
(dy/dx)^2 = 16x^2/(4x^2-4) = 4 + 16/(4x^2-4)
I trust you can find the range of this function. Firstly, note that dy/dx has a restricted domain such that the denominator of the fraction is always positive (4x^2-4>0 from the square root expression). Thus, (dy/dx)^2 must be strictly greater than 4. This means that |dy/dx|>2. AKA dy/dx>2 or dy/dx<-2
Which is dy/dx E R\[-2,2]
Or if you don't like algebra, visualise the graph in your head. As x^2>y^2/4, the graph will be under the asymptotes. You can probably work out really quickly that the asymptotes are of the form y=+-2x. So there's a 2 somewhere.
Now, as the function is always under the asymptotes, it always approaches the asymptotes from below. That means its slope is always larger than 2 (in the first quadrant). Likewise, in the fourth quadrant, its slope is always smaller than -2 (draw it out; it'll make sense). At the vertices, the slope is +-infinity, and the asymptotes have slope +-2. You can now see that the accepted values of m are (-inf, -2) U (2, inf).