I downloaded the tar.gz for 0.20.2. I run:

./configure --prefix=/full_path_to/install_location

It configures fine. However when I run make, it tries to reconfigure again calling aclocal-1.15 and autoconf.

$ make

CDPATH="${ZSH_VERSION+.}:" && cd . && /bin/sh /home/gga/code_smb/applications/Ubuntu20/mrv/SuperBuild/BUILD/Linux-3.10.0-1160.71.1.el7.x86_64-64/Release/tmp/LibRaw-prefix/src/LibRaw-0.20.2/missing aclocal-1.15 -I m4
cd . && /bin/sh /home/gga/code_smb/applications/Ubuntu20/mrv/SuperBuild/BUILD/Linux-3.10.0-1160.71.1.el7.x86_64-64/Release/tmp/LibRaw-prefix/src/LibRaw-0.20.2/missing automake-1.15 --foreign
CDPATH="${ZSH_VERSION+.}:" && cd . && /bin/sh /home/gga/code_smb/applications/Ubuntu20/mrv/SuperBuild/BUILD/Linux-3.10.0-1160.71.1.el7.x86_64-64/Release/tmp/LibRaw-prefix/src/LibRaw-0.20.2/missing autoconf
configure.ac:16: error: possibly undefined macro: AC_SUBST
If this token and others are legitimate, please use m4_pattern_allow.
See the Autoconf documentation.
configure.ac:41: error: possibly undefined macro: AC_MSG_WARN
make: *** [configure] Error 1

After updating to autoconf 2.71, I get more errors:

CDPATH="${ZSH_VERSION+.}:" && cd . && /bin/sh /home/gga/LibRaw-0.20.2/missing aclocal-1.15 -I m4
configure.ac:11: warning: The macro `AC_PROG_LIBTOOL' is obsolete.
configure.ac:11: You should run autoupdate.
m4/libtool.m4:99: AC_PROG_LIBTOOL is expanded from...
configure.ac:11: the top level
configure.ac:14: warning: The macro `AC_LIBTOOL_WIN32_DLL' is obsolete.
configure.ac:14: You should run autoupdate.
m4/ltoptions.m4:148: AC_LIBTOOL_WIN32_DLL is expanded from...
configure.ac:14: the top level
configure.ac:14: warning: AC_LIBTOOL_WIN32_DLL: Remove this warning and the call to _LT_SET_OPTION when you
configure.ac:14: put the 'win32-dll' option into LT_INIT's first parameter.
./lib/autoconf/general.m4:2434: AC_DIAGNOSE is expanded from...
m4/ltoptions.m4:148: AC_LIBTOOL_WIN32_DLL is expanded from...
configure.ac:14: the top level
configure.ac:11: warning: The macro `AC_PROG_LIBTOOL' is obsolete.
configure.ac:11: You should run autoupdate.
m4/libtool.m4:99: AC_PROG_LIBTOOL is expanded from...
configure.ac:11: the top level
configure.ac:14: warning: The macro `AC_LIBTOOL_WIN32_DLL' is obsolete.
configure.ac:14: You should run autoupdate.
m4/ltoptions.m4:148: AC_LIBTOOL_WIN32_DLL is expanded from...
configure.ac:14: the top level
configure.ac:14: warning: AC_LIBTOOL_WIN32_DLL: Remove this warning and the call to _LT_SET_OPTION when you
configure.ac:14: put the 'win32-dll' option into LT_INIT's first parameter.
./lib/autoconf/general.m4:2434: AC_DIAGNOSE is expanded from...
m4/ltoptions.m4:148: AC_LIBTOOL_WIN32_DLL is expanded from...
configure.ac:14: the top level
cd . && /bin/sh /home/gga/LibRaw-0.20.2/missing automake-1.15 --foreign
configure.ac:11: warning: The macro `AC_PROG_LIBTOOL' is obsolete.
configure.ac:11: You should run autoupdate.
m4/libtool.m4:99: AC_PROG_LIBTOOL is expanded from...
configure.ac:11: the top level
configure.ac:14: warning: The macro `AC_LIBTOOL_WIN32_DLL' is obsolete.
configure.ac:14: You should run autoupdate.
m4/ltoptions.m4:148: AC_LIBTOOL_WIN32_DLL is expanded from...
configure.ac:14: the top level
configure.ac:14: warning: AC_LIBTOOL_WIN32_DLL: Remove this warning and the call to _LT_SET_OPTION when you
configure.ac:14: put the 'win32-dll' option into LT_INIT's first parameter.
./lib/autoconf/general.m4:2434: AC_DIAGNOSE is expanded from...
m4/ltoptions.m4:148: AC_LIBTOOL_WIN32_DLL is expanded from...
configure.ac:14: the top level
CDPATH="${ZSH_VERSION+.}:" && cd . && /bin/sh /home/gga/LibRaw-0.20.2/missing autoconf
configure.ac:11: warning: The macro `AC_PROG_LIBTOOL' is obsolete.
configure.ac:11: You should run autoupdate.
m4/libtool.m4:99: AC_PROG_LIBTOOL is expanded from...
configure.ac:11: the top level
configure.ac:14: warning: The macro `AC_LIBTOOL_WIN32_DLL' is obsolete.
configure.ac:14: You should run autoupdate.
m4/ltoptions.m4:148: AC_LIBTOOL_WIN32_DLL is expanded from...
configure.ac:14: the top level
configure.ac:14: warning: AC_LIBTOOL_WIN32_DLL: Remove this warning and the call to _LT_SET_OPTION when you
configure.ac:14: put the 'win32-dll' option into LT_INIT's first parameter.
./lib/autoconf/general.m4:2434: AC_DIAGNOSE is expanded from...
m4/ltoptions.m4:148: AC_LIBTOOL_WIN32_DLL is expanded from...
configure.ac:14: the top level
configure.ac:16: error: possibly undefined macro: AC_SUBST
If this token and others are legitimate, please use m4_pattern_allow.
See the Autoconf documentation.
configure.ac:41: error: possibly undefined macro: AC_MSG_WARN
make: *** [configure] Error 1