m4 is not a directory in the root.

autogen.sh

@@ -68,7 +68,7 @@ toplevel_check $srcfile
 if test -f acinclude.m4; then rm acinclude.m4; fi
 
 tool_run "$libtoolize" "--copy --force"
-tool_run "$aclocal" "-I m4 -I common/m4 $ACLOCAL_FLAGS"
+tool_run "$aclocal" "-I common/m4 $ACLOCAL_FLAGS"
 tool_run "$autoheader"
 
 # touch the stamp-h.in build stamp so we don't re-run autoheader in maintainer mode
@@ -96,4 +96,3 @@ echo ./configure $CONFIGURE_DEF_OPT $CONFIGURE_EXT_OPT
 }
 
 echo "Now type 'make' to compile $package."
-