I just did a fresh installation of brew and the packages needed for building this (libtool, automake etc). I faced compilation issues. Figured that the problem is because brew installs automake1.15 by default. Automake 1.15 is released in jan 2015 and its does not like the old style conf files which are used in these tools. So, one has to
install automake 1.12
brew install homebrew/versions/automake112
and also create symbolic links for automake and aclocal in /usr/local/bin
ln -s /usr/local/bin/automake112 /usr/local/bin/automake
ln -s /usr/local/bin/aclocal112 /usr/local/bin/aclocal