Incompatibility with upcoming autoconf-2.70: configure.ac:111: error: AC_REQUIRE(_AC_INIT_AUX_DIR): cannot be used outside of an AC_DEFUN'd macr

Autoconf-2.70 beta3 fails to generate configure with the following error:

$ ./autogen.sh
Activating pre-commit hook.
I am going to run ./configure with no arguments - if you wish
to pass any to it, please specify them on the ./autogen.sh command line.
libtoolize: putting auxiliary files in AC_CONFIG_AUX_DIR, 'build-aux'.
libtoolize: copying file 'build-aux/ltmain.sh'
libtoolize: putting macros in AC_CONFIG_MACRO_DIRS, 'm4'.
libtoolize: copying file 'm4/libtool.m4'
libtoolize: copying file 'm4/ltoptions.m4'
libtoolize: copying file 'm4/ltsugar.m4'
libtoolize: copying file 'm4/ltversion.m4'
libtoolize: copying file 'm4/lt~obsolete.m4'
configure.ac:111: error: AC_REQUIRE(_AC_INIT_AUX_DIR): cannot be used outside of an AC_DEFUN'd macro
configure.ac:111: the top level
autom4te-2.70_beta3: error: /usr/bin/m4 failed with exit status: 1
aclocal-1.16: error: echo failed with exit status: 1
configure.ac:111: error: AC_REQUIRE(_AC_INIT_AUX_DIR): cannot be used outside of an AC_DEFUN'd macro
configure.ac:111: the top level
autom4te-2.70_beta3: error: /usr/bin/m4 failed with exit status: 1
autoheader-2.70_beta3: error: '/usr/bin/autom4te-2.70_beta3' failed with exit status: 1
configure.ac:111: error: AC_REQUIRE(_AC_INIT_AUX_DIR): cannot be used outside of an AC_DEFUN'd macro
configure.ac:111: the top level
autom4te-2.70_beta3: error: /usr/bin/m4 failed with exit status: 1
automake-1.16: error: autoconf failed with exit status: 1
configure.ac:111: error: AC_REQUIRE(_AC_INIT_AUX_DIR): cannot be used outside of an AC_DEFUN'd macro
configure.ac:111: the top level
autom4te-2.70_beta3: error: /usr/bin/m4 failed with exit status: 1
autoconf failed - version 2.5x is probably required